UNION BANK OF INDIA Vs. IFCI LTD

JUDGEMENT

(1.) AS common question of law and facts arise in these appeals and as such they are against the impugned common order passed by the learned Single Judge / learned Company Court in Nos.311 of 2009 and 422 of 2008, all these appeals are heard, decided and disposed of together by this common judgement and order.

(2.) O .J. Appeal Nos.8 and 9 of 2011 have been preferred by the common appellant ­ Union Bank of India claiming to be one of the secured creditors of the Company (in Liquidation) and O.J. Appeal No.51 of 2010 has been preferred by the appellant ­ IDBI Bank Limited, also one of the secured creditors of the Company (in Liquidation), challenging the impugned common order passed by the learned Company Court in Company Application Nos.311 of 2009 and 422 of 2008, by which the learned Company Court has passed an order directing the secured creditors to deposit total amount of Rs.73,02,800/- which have been paid to the secured creditors of the Company (in Liquidation) in excess.

(3.) MS .Nalini Lodha, learned advocate has appeared on behalf of the Union Bank of India - appellant of OJ Appeal Nos.8 and 9 of 2011 and Mr.Bharat Jani, learned advocate has appeared on behalf of IDBI ­ lead secured creditor ­ appellant in OJ Appeal No.51 of 2010, Ms.Amee Yajnik, learned advocate has appeared on behalf of the Official Liquidator of Company (in Liquidation) and Mr.D.S. Vasavada, learned advocate has appeared on behalf of the workers' union and Singhi & Company has appeared on behalf of one of the secured creditor ­ IDBI.