Allowed

Gujarat State Financial Corporation v. B I F R and 2 Others

Bombay HC9 Nov 2022IA/1780/2021

Case brief

AI extract

What is this about?

The High Court allowed an interim application by Gujrat State Financial Corporation for the refund of Rs. 10,30,500 deposited with the Official Liquidator of Chemox Synthetics Textiles Ltd. The application was allowed based on an amicable settlement arranged between the applicant and Gujrat Industrial Investment Corporation, to which the Official Liquidator had no objection.

What did the court decide?

The Official Liquidator was directed to refund the sum of Rs. 10,30,500/- to the applicant within two weeks.

Gujarat State Financial Corporation Vs B I F R and 2… — Company and Corporate | Bombay HC (2022)

¶1

25-ia-1780-2021.doc

¶2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

¶3

INTERIM APPLICATION NO.1780 OF 2021 IN

¶4

COMPANY PETITION NO.212 OF 1989

¶5

Gujrat State Financial Corporation ...Applicant In the matter between B.I.F.R. ...Petitioner vs. The Official Liquidator, High Court, Bombay and Another ...Respondents

¶6

Mr. Amar Gharte i/b. Mr. K.C. Prusty, for the Applicants Mr. Aditya Pimple, for Respondent/OL. Mr. Bhavesh Wadhwani i/b. M.V.Kini & Co., for Respondent No. 2. Ms. Rujuta Patil, for Natwarlal Agarwal, Ex Director of Chemox Synthetics Textiles Ltd.

¶7

Mr. Shatrughn Chauhan, Dy. O.L.

¶8

CORAM : N. J. JAMADAR, J. DATE : NOVEMBER 09, 2022

¶9

P.C.:

¶10

Heard the learned counsel for the parties.

¶11

Gujrat State Financial Corporation, the applicant, one of the

¶12

claimants who had lodged the claim against M/s. Chemox Synthetics Textiles Private Limited, the company (in liquidation), has preferred this application seeking refund of an amount of Rs. 10,30,500/- deposited by the applicant with the Official Liquidator.

¶13

The said deposit was made pursuant to the order passed by this Court on 12^th September, 2018, on the basis of an affidavit in reply filed by the Official Liquidator dated 27^th August, 2018

¶14

Vishal Parekar, P.A.

¶15

...1

¶16

25-ia-1780-2021.doc

¶17

wherein a direction was sought against Gujrat State Financial Corporation, the applicant herein, to bring back a sum of Rs. 10,30,500/- and Gujrat Industrial Investment Corporation, respondent No. 2 herein, another claimant, a sum of Rs. 1,78,86,211/-, as the Official Liquidator upon review of entire file found that there was an inadvertent mistake in declaring and paying the dividend of Rs. 1,78,86,211/- (@ 37 paise in rupee) to Gujrat Industrial Investment Corporation, respondent No. 2.

¶18

The applicant avers that the applicant and Gujrat Industrial Investment Corporation, respondent No. 2, both are the Undertakings of the Government of Gujrat and they have amicably settled the differences over the payment to be received from the Official Liquidator. A joint meeting of the competent officers of the applicant and respondent No. 2 was held on 18^th March, 2020 and it was decided, inter alia, as under :-

¶19

In view of above facts and figures of the case, it is decided as under:

¶20

1] GIIC Ltd will pay sum of Rs. 18,23,026/- to GSFC from the total sum of Rs. 1,78,86,211/- received from the O.L., Office, Mumbai instead of depositing the entire amount of Rs. 1,78,86,211/- with the OL, Office, Mumbai.

¶21

2] GSFC will get the sum of Rs. 10,30,500/- back, already deposited with the office of Official Liquidator, Mumbai.

¶22

3] GIIC Ltd. and GSFC will intimate the office of Official Liquidator, Mumbai about the amicable

¶23

Vishal Parekar, P.A.

¶24

...2

¶25

25-ia-1780-2021.doc

¶26

settlement in case of M/s. Chemox Synthetics Textiles Limited.

¶27

4] GIIC Limited can issue No Due Certificate on receipt of OL approval.

¶28

Mr. Pimple, learned counsel for the Official Liquidator submits that in view of the aforesaid understanding arrived at between the two entities of the Government of Gujrat, the Official Liquidator has no objection to refund the sum of Rs. 10,30,500/- to the applicant.

¶29

In view of the aforesaid developments and the statement on behalf of the Official Liquidator, the Interim Application stands allowed in terms of prayer clause (a).

¶30

Necessary payment be made within a period of two weeks.

¶31

Application disposed.

¶32

(N. J. JAMADAR, J.)

¶33

Vishal Parekar, P.A.

¶34

...3

Gujarat State Financial Corporation v. B I F R and 2 Others

Case brief

What is this about?

What did the court decide?

Gujarat State Financial Corporation v. B I F R and 2 Others

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

M/S. Edit II Productions Vs Shoeb Mohammad Taj Mohammad Shaikh and 2 Ors. and Noor Mohammed Shaikh and Anr. (Applicants)

Edit II Productions Vs Shoeib Mohammed Taj Mohammed Taj Mohhammed Shaikh and 2 Ors. and Noor Mohammed Shaikh and Anr. (Appl

Shipping Corpn.of India Ltd. Vs Crosseas Shipping Ltd.and Anr.

The Federal Bank Ltd. Vs the Official Liquidator and Liquidator of Gol Offshore Limited Cin No. L11200MH2005PLC154793

The Official Liquidator of Elder Pharmaceuticals Ltd. (in Liquidation) Vs Puspasen C. Jhaveri

Sacha Finance and Developers Co. Vs Jayant Bhavanji Soni and Anr.