Allowed

Kotak Mahindra Bank Ltd. v. the Official Lequidator of Zadona Electronics Ltd.

Bombay HC19 Mar 2015CA/93/2013

Case brief

AI extract

What is this about?

The Court disposed of two company applications in the insolvency of Zadona Electronics Ltd. based on signed consent terms and minutes between the Bank, the Union, and the Official Liquidator, granting relief on the agreed basis without adjudicating the Official Liquidator's expense claim.

What did the court decide?

Disposal of applications based on signed consent terms and minutes

Kotak Mahindra Bank Ltd. Vs the Official Lequidator… — Insolvency and Bankruptcy | Bombay HC (2015)

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P-6-CA-93-13&CA-120-14-CP-518-05.DOC

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Sharayu

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO. 93 OF 2013

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IN

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COMPANY PETITION NO. 518 OF 2005

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Kotak Mahindrqa Bank Ltd.…Applicant

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Versus

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The Official Liquidator, Zadona Electronics Ltd. …Respondents
& Ors.

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WITH

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COMPANY APPLICATION NO. 120 OF 2014

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IN

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COMPANY PETITION NO. 518 OF 2005

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Krantikari Kamgar Union…Applicant

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Versus

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The Official Liquidator, Zadona Electronics Ltd. …Respondents
& Ors.

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Mr. Rohit Gupta, i/b PKA Associates, for the Applicant.
Mr. Sanjay Sanghavi, Senior Advocate a/w Jane Cox, for the
Applicant in CA 120/14
Mr. J.P. Sen, Senior Advocate, for Official Liquidator.

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CORAM: G.S. PATEL, J DATED: 19th March 2015

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PC:-

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1 of 2

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P-6-CA-93-13&CA-120-14-CP-518-05.DOC

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1. Not on board. Mentioned. Taken on board.

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2.Consent Terms are tendered between Krantikari Kamgar
Union, Adarsh Kamgar Sabha (both representing erstwhile
workmen of Zadona Electronic Limited) and Kotak Mahindra Bank
Limited. Annexed to the Consent Terms at Exh.A are Minutes of
the order agreed between parties. The Consent Terms are signed by
the authorised signatories of the three parties and their Advocates.
The Consent Minutes are signed by the Advocates for the parties.
The Consent Terms and Consent Minutes of the order are taken on
record and marked in evidence as ‘X’ for identification. The
undertakings in the Consent Terms are accepted as an undertakings
to the Court.

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3.The Company Applications are disposed of in terms of the
Consent Minutes and in accordance with the Consent Terms.

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4.Mr. Sen, learned Senior Advocate appearing for the Official
Liquidator, submits that the expenses and commission of the
Official Liquidator and quantified at Rs. 31,25,474/- must be paid
out first from the funds available with the D.R.T. Given the amount
claimed by the official liquidator, it would be more appropriate if a
suitable application is made for this purpose. There are sufficient
funds kept aside and sequestered to meet this claim. The claim
made by the Official Liquidator need not delay the implementation
of the Consent Minutes of the order and the consent Terms.

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(G. S. PATEL, J.)

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Kotak Mahindra Bank Ltd. v. the Official Lequidator of Zadona Electronics Ltd.

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Ltd. v. the Official Lequidator of Zadona Electronics Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Statutes considered

Parties & counsel

Coram

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