Disposed

The Official Liquidator of Paramount Printpackaging Limited. ( in Liquidation) v. Bell Finvest (India) Ltd. (Petitioner)

Bombay HC16 Aug 2024OLR/26/2024

Case brief

AI extract

What is this about?

In a winding-up matter, following re-adjudication of SVC Co-operative Bank's claim, the Official Liquidator was permitted to withdraw its Report No.26 of 2024 with liberty to file a fresh report reflecting the changed dividend. The State Bank of India's interim application to be heard on the next date.

What did the court decide?

Leave granted to withdraw Official Liquidator's Report No.26 of 2024 with liberty to file a fresh report; SBI's interim application listed for hearing on the next date.

The Official Liquidator of Paramount Printpackaging… — Insolvency and Bankruptcy | Bombay HC (2024)

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902-IAL-6932-2023.doc

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

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INTERIM APPLICATION (L) NO.6932 OF 2023 IN

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COMPANY PETITION NO.170 OF 2014

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STATE BANK OF INDIA )…APPLICANT

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V/s.

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OFFICIAL LIQUIDATOR OF PARAMOUNT PRINT PACKAGING LIMITED AND ORS )...RESPONDENT

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AND

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SVC COOPERATIVE BANK LIMITED )...RESPONDENT NO.2

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IN THE MATTER OF

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BELL FINVEST (INDIA) PVT LTD )...PETITIONER V/s.

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PARAMOUNT PRINT PACKAGING LIMITED )...RESPONDENT WITH OFFICIAL LIQUIDATOR’S REPORT NO.26 OF 2024 IN COMPANY PETITION NO.710 OF 2014

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Digitally
signed by
ARTI
ARTI VILAS
VILAS KHATATE
KHATATE Date:
2024.12.13
17:46:04
+0530

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Mr. Ajinkya Kundukar, Advocate for the Applicant in IAL/6932/2023. Mr. Nikhil Rajani a/w Mr. Dhruvam Gaikwad i/b M/s. V. Deshpande & Co., Advocate for the Respondent No.2 (SVC Cooperative Bank) In IAL/6932/2023.

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Ms. Akansha Agrawal, Advocate for the Official Liquidator. Mr.Chandan Kumar, Official Liquidator, present in Court.

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CORAM : ABHAY AHUJA, J. DATE : 13^th DECEMBER 2024

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avk 1/3

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902-IAL-6932-2023.doc

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P.C. :

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Pursuant to order dated 16th August 2024, today when the matter is called out, Mr.Kundukar, learned Counsel, appears for the State Bank of India in the Interim Application and submits that circulation of this application has been sought pursuant to liberty granted by the said order.

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Ms.Agarwal, learned Counsel, appears for the Official Liquidator and submits that pursuant to order dated 16th August 2024, certified copies of documents were furnished by SVC Co-operative Bank Limited after which the claim of the SVC Co-operative Bank Limited was readjudicated on 17th October 2024.

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Mr.Rajani, learned Counsel, appears for the SVC Co-operative Bank Limited and submits that against the said order of readjudication, an appeal has been lodged, circulation whereof has been granted on 30^th January 2025 and that a copy of the appeal and connected proceedings would be served upon the Official Liquidator within a period of one week. Statement is accepted.

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avk 2/3

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902-IAL-6932-2023.doc

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Ms.Agarwal also submits that in view of the re-adjudication of the claim filed by the SVC Co-operative Bank Limited on 17th October 2024, this Court permit withdrawal of the Official Liquidator’s Report no.26 of 2024 with liberty to file a fresh one, as in view of the readjudication, a different dividend would have to be declared. As regards the claim of the State Bank of India as made in Interim Application (L) No.6932 of 2023 is concerned, Ms.Agarwal submits that, that would also undergo a change in view of the re-adjudication of the claim of SVC Co-operative Bank Limited and that the said Interim Application can also be heard on the next date.

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Accordingly, leave is granted to withdraw the Official Liquidator’s

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Report No.26 of 2024 with liberty as prayed for.

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List on 17th January 2025 .

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Let the fresh Official Liquidator’s Report also be served on the others by the next date.

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(ABHAY AHUJA, J.)

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The Official Liquidator of Paramount Printpackaging Limited. ( in Liquidation) v. Bell Finvest (India) Ltd. (Petitioner)

Case brief

What is this about?

What did the court decide?

The Official Liquidator of Paramount Printpackaging Limited. ( in Liquidation) v. Bell Finvest (India) Ltd. (Petitioner)

Case brief

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