Allowed

Shyam Sunder v. Bharat Carpets Ltd.

Delhi HC2 Nov 2011CO.A(SB)/60/2011

Case brief

AI extract

What is this about?

The Court considered applications by creditors against Bharat Carpets Ltd. regarding refund claims and interest in the event of a proposed company revival. The Court modified the interest payment conditions based on the outcome of the revival scheme and directed the transfer of funds held with the Court registry.

What did the court decide?

Impugned order of Official Liquidator upheld with modification; amount determined by Liquidator to be released forthwith; Registry funds to be transferred to Official Liquidator.

Shyam Sunder Vs Bharat Carpets Ltd. — Company and Corporate | Delhi HC (2011)

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Signature Not Verified Digitally Signed By:AMULYA Certify that the digital file and physical file have been compared and the digital data i s as p er the physical file and no page is missing.

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WITH

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+^� CO. APP.(SB) 61/2011 & CO. APPL. 2075/2011

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BHANU BHAI SHAH Appellant Through �Mr. A.K. Thakur, Advocate.

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versus

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BHARAT CARPETS LTD. �.....Respondent Through �Mr. Mayank Goel, Advocate for Official Liquidator.

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WITH

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+^� CO. APP.(SB) 62/2011 & CO. APPL. 2093/2011

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MIS. KHEM CHAND

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CHETAN PRAKASH Appellant Through �Mr. C.S. Gupta, Advocate.

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versus

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BHARAT CARPETS LTD. Respondent Through �Mr. Mayank Goel, Advocate for Official Liquidator.

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WITH

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CO. APP.(SB) 63/2011 & CO. APPL. 2094/2011

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MIS. GAJ LAXMI DHAN KUBER �Appellant Through �Mr. C.S. Gupta, Advocate.

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versus

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BHARAT CARPETS LTD. Respondent Through �Mr. Mayank Goel, Advocate for Official Liquidator.

WITH

{

+^� CO. APP.(SB) 64/2011 & CO. APPL. 2095/2011

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MIS. NUTAN TRADING CO. .....Appellant Through �Mr. C.S. Gupta, Advocate.

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versus

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Respondent Through Mr. Mayank Goel, Advocate for Official Liquidator.

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BHARAT CARPETS LTD.

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WITH

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+^� CO. APP.(SB) 67/2011

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MIS. GYAN CHAND RAM JIT DAS

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Appellant Through Mr. Rahul Gupta, Mr. Shekhar Gupta and Mr. Suraj Choudhary, Advocates.

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versus

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Respondent Through Mr. Mayank Goel, Advocate for Official Liquidator.

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BHARAT CARPETS LTD.

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AND

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�CO. APP.(SB) 68/2011

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Appellant Through Mr. Rahul Gupta, Mr. Shekhar Gupta and Mr. Suraj Choudhary, Advocates.

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MIS. VIJAY & BROTHERS

versus

BHARAT CARPETS LTD.

Respondent

Through Mr. Mayank Goel, Advocate for Official Liquidator.

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CORAM: HON'BLE MR. JUSTICE MANMOHAN

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ORDER

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% �02.11.2011

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After some arguments, it is agreed between the parties that as there is likelihood of the company being revived, the propounders should pay further simple interest of 5% from the date of final winding up i.e. 18th May, 1987 till date.

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The said amount shall be paid by the propounders after the second motion petition is allowed by this Court, but before the certified copy of the Scheme of Revival/Arrangement is issued to them.

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It is made clear that in case the company is not revived or the Scheme of Revival/Arrangement is not approved by this Court, then the unsecured creditors would not be entitled to any interest beyond the date of final winding up i.e. 18' May, 1987.

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In that event, the unsecured creditors would be entitled to agitate 4 �^{their rights in accordance with law.}

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With the aforesaid modification, the impugned order passed by the Official Liquidator granting refund of claim plus 10% interest upto the date of final winding up is upheld. The amount determined by the Liquidator upto the date of final winding up i.e.^18th May, 1987 shall be forthwith released to the appellants.

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The amount lying in the bank account of the respondent company in liquidation with the Registry of this Court is directed to be transferred

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forthwith to the account of the company maintained by the Official Liquidator.

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With the aforesaid directions, present appeals and pending

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applications stand disposed of as satisfied.

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L-I

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MANMOIIAIN ;j -

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NOVEMBER 02, 2011

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Shyam Sunder v. Bharat Carpets Ltd.

Case brief

What is this about?

What did the court decide?

Shyam Sunder v. Bharat Carpets Ltd.

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

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