- (1.) LEARNED counsel appearing for the secured creditors, submitted that in terms of the order dated 18/02/2011, 3.4 % of the admitted claim of the secured creditors has not been disbursed as yet.
(2.) THE Official Liquidator informs that Mr. B.R.Prasad, learned counsel appearing for the workmen produced a copy of the Status quo order passed by the Hon'ble Supreme Court on 28/02/2011 and, therefore, he stayed his hands. On this, counsel for the secured creditors submitted that the order of statusquo has been passed in SLP (Civil) no 4104/2011, which was filed against the order dated 30/09/2010, passed in C.A. No. 10/2008 in which the amount of about Rs. 8.50 crores, recovered from some of the properties of the company was in dispute and, therefore, the order of statusquo will only relate to the said amount and moreover after considering this position, the order of disbursement was passed on 18/02/2011 only with regard to undisputed amount, which is not pending in any litigation. The relevant portion of the order dated 18/02/2011 reads as follows: "The said interlocutory applications have been filed by UCO Bank, IFCI, SASFIDBI and Bank of India respectively. The said report has been filed by the Official Liquidator regarding the fund position. The said counter affidavit has been filed on behalf of the workmen to the said interlocutory applications. Mr. B.R. Prasad, learned counsel appearing for the workmen submitted that this counter affidavit will cover the I.As filed by the Bank of India also, i.e. I.A. No. 479 of 2011. Heard the parties. Counsel appearing for secured creditors submitted that some further amount may be disbursed to them as per the fund position. Mr. Prasad, submitted that the other claim of about Rs. 8.50 crores recovered from some of the properties of the company, is pending in the Supreme Court vide SLP (C) No. 4104/2011. The Official Liquidator submitted that one LPA and some other applications/claims of workmen are pending and, therefore, the fund position stands reduced to Rs. 5,44,29,231/excluding the said amount of Rs. 8.50 crores, and also the claims of the workmen of Rs. 55,70,769/, which will be considered at the time of final disbursement. He submitted that accordingly, 3.4% of the admitted claims of secured creditors may be paid as interim payment (as detailed in statement B, filed today), subject to undertaking to refund the excess amount if found recoverable from them at the time of final payment. Accordingly, the Official Liquidator is permitted to disburse the amount as per the statement "B", to the secured creditors by 15th March 2011 after opening a separate dividend account in Punjab National Bank, S.N.Ganguly Road Branch, Ranchi. The Official Liquidator is also permitted to get the F.Ds encashed prematurely for the said purpose. The said disbursement will be made only after the undertaking is given by the secured creditors to the Official Liquidator that the excess disbursed amount, if any, will be refunded as per the order of the Court.
(3.) ALL the aforesaid interlocutory applications, report of the Official Liquidator and the counter affidavit stand disposed of." It was pointed out that the other claims of the workmen was also kept aside while passing the said order and, in fact Mr. Prasad had said on 18/02/2011 that he had no objection for disbursement of the amount to the secured creditors to the tune of 3.4%. On this, Mr. Prasad, learned counsel appearing for the workmen submitted that in view of the order of statusquo he cannot say anything.;