Disposed¶18

Maruti Ragho Palekar v. K. R. Steel Union Ltd.

Bombay HC16 Jun 2025IA/2160/2025

Case brief

AI extract

What is this about?

IA 2160/2025 in CP 201/1994, Bombay HC Commercial Division, Sharmila U. Deshmukh J, order dated 16-06-2025; Official Liquidator (Poysha Industrial Company Ltd liquidation) directed to file additional affidavit-in-reply within one week on the setting aside of the Debts Recovery Tribunal order dated 12-03-2009 and non-response to prayer clause (d) for steps against banks; applicant claims deprivation of balance 65% of claim; 35% dividend to preferential claimants pending; matter adjourned to 23-06-2025.

What did the court decide?

Direction to the Official Liquidator to file an additional affidavit-in-reply within one week with advance copy to the other side; matter stood over to 23rd June 2025. No substantive relief decided at this stage. ¶18

Maruti Ragho Palekar vs K. R. Steel Union Ltd. — Bombay HC (2025) — LawSathi Research

What the court decided

AI extract

Outcome

¶18

Issue for consideration

Whether the Official Liquidator should be directed to take steps against the banks for recovery of money as per the order of the Debts Recovery Tribunal (prayer clause (d)), on which the affidavit-in-reply gave no response. +1 more

¶17

Court's answer

The affidavit-in-reply filed by the Official Liquidator does not set out the fact that the order of 12th March 2009 has been set aside, despite the submission of the Official Liquidator's counsel to that effect.

¶13

Ratio / Principle

The Official Liquidator was directed to file an additional affidavit-in-reply within one week, with an advance copy to the other side, to place on record the response to prayer clause (d) / the setting aside of the Debts Recovery Tribunal order of 12th March 2009.

¶17

Detailed headnote1 paragraphs

Bombay High Court, Commercial Division (Sharmila U. Deshmukh, J.), June 16, 2025 - Interim Application No. 2160 of 2025 in Company Petition No. 201 of 1994 (liquidation of Poysha Industrial Company Ltd). The applicant, Maruti Ragho Palekar, complained that the Official Liquidator had failed to take steps against the banks in accordance with the Debts Recovery Tribunal order dated 12th March 2009, depriving him of the balance 65% of his claim. Counsel for the Official Liquidator submitted that the 12th March 2009 order had been set aside, but the affidavit-in-reply did not record this and gave no response to prayer clause (d) seeking directions against the banks for recovery of money. The affidavit-in-reply further stated that no dividend had been declared to workers and secured creditors in the 3rd, 4th and 5th supplementary lists, with available funds earmarked for a 35% dividend to outstanding preferential claimants before claims in the 1st, 2nd and 3rd supplementary lists are considered. The court directed the Official Liquidator to file an additional affidavit-in-reply within one week with an advance copy to the other side and stood the matter over to 23rd June 2025.

¶1

40 Ia-2160-2025.doc

¶2

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

¶3

IN ITS COMMERCIAL DIVISION

¶4

INTERIM APPLICATION NO. 2160 OF 2025 IN

¶5

COMPANY PETITION NO. 201 OF 1994

¶6

Maruti Ragho Palekar. ...Applicant. In the matter between : M/s. K. R. Steel Union Ltd. ...Petitioner. Versus Official Liquidator of Poysha Industrial Company Ltd and Others. ...Respondents.

¶7

Mr. M. P. Kharge for the Applicant.

¶8

Mr. Gunjan Choubey, Vinay Kate and Harshada Shinde for the Respondent No. 12 and 1.

¶9

Ms. Akanksha Agrawal for Official Liquidator.

¶10

——————

¶11

Coram : Sharmila U. Deshmukh, J. Date : June 16, 2025.

¶12

P. C. :

¶13

1. Learned Counsel appearing for the Applicant submits that Official Liquidator has failed to take steps against the banks in accordance with the order of Debts Recovery Tribunal dated 12^th March 2009 depriving him of the balance 65% of his claim. Learned Counsel appearing for Official Liquidator submits that order of 12^th March 2009 has been set aside. Perusal of affidavit-in-reply filed by Official Liquidator does not set out the said fact. The reply states that till date

¶14

1 of 2

¶15

Patil-SR

¶16

40 Ia-2160-2025.doc

¶17

no dividend has been declared to the workers and secured creditors whose claims have been adjudicated and included in 3^rd , 4^th and 5^th supplementary lists and the available funds will be utilised to release the dividend @35% to the outstanding preferential Claimants and thereafter considering the position of funds, claim of the present Applicant along with others will be considered who are part of the 1^st , 2^nd and 3^rd supplementary lists. There is no response to the prayer Clause (d) which seeks a direction to take steps against banks for recovery of money as per the order of Debts Recovery Tribunal. Learned Counsel appearing for Official Liquidator seeks time to file an additional affidavit to place the same on record. Let the additional affidavit-in-reply be filed within a period of one week form today with a copy in advance to the other side.

¶18

2. Stand over to 23^rd June 2025 .

¶19

[Sharmila U. Deshmukh, J.]

¶20

2 of 2

¶21

Patil-SR

¶22

Signed by: Sachin R. Patil Designation: PS To Honourable Judge Date: 17/06/2025 20:35:27

Maruti Ragho Palekar v. K. R. Steel Union Ltd.

Case brief

What is this about?

What did the court decide?

Maruti Ragho Palekar v. K. R. Steel Union Ltd.

Case brief

What is this about?

What did the court decide?

Why is it important?

What the court decided

Issues for consideration

Procedural history

Parties & counsel

Coram

Case details

All orders in this case

Similar cases

Pratekk Agarwaal vs Jambopay Express Private Limited

Meghana Verulkar vs Jambopay Express Private Limited

Pailton Engineering India Pvt. Ltd. (in Vol Liqin ) (through Its Director Mr. Sule Sanjeev Shantaram vs the Official Liquidator

Pant Nagar Suyog Co. Operative Housing Society Limited vs Kumar Builders and 2 Ors.

Gunvanti Ramesh Shah vs Nine Globe Builders

Saurabh Arora vs the Controller of Patents and Designs