Disposed

M/S. Sone Vanaspati Limited v. Official Liquidator

Jharkhand HC5 Jan 2018C.P./6/2009

Case brief

AI extract

What is this about?

This petition addressed the management of liquidation assets and employment claims. The Court permitted the Official Liquidator to transfer funds to the Court Registry and ordered the company to be liquidated contingent on the outcome of a pending labour case.

What did the court decide?

Permission granted to transfer Rs. 17.00 lakhs to Court Registry; direction to liquidate the company pending labour case outcome; directive to file report under Section 481.

M/S. Sone Vanaspati Limited Vs Official Liquidator — Insolvency and Bankruptcy | Jharkhand HC (2018)

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IN THE HIGH COURT OF JHARKHAND AT RANCHI Company Petition No. 06 of 2009

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In the matter of M/s Sone Vanaspati Ltd, Ranchi

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-----Petitioner

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CORAM: The Hon’ble Mr. Justice Aparesh Kumar Singh

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For the Petitioner: Mr. Sachin Kumar, Advocate For the Official Liquidator: In person

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52 / 15.12.2017 Reference may be made to the order dated 24.11.2017 which reads as under.

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“ A compliance report has been filed by the Learned Official Liquidator kept at Flag-'44'.

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Learned Official Liquidator informs that three obsolete generator sets have been sold to one Santosh Kumar at the price of Rs. 40,000/- in terms of the direction passed by this Court on 15.09.2017 and he has been given time to take away scrap materials by 30.11.2017. He further informs that the settled claim of Rs. 23,68,772/- has been transmitted to the Employees' Provident Fund Organization in terms of the same order. Learned Official Liquidator submits that permission may be granted to disengage the security agency with effect from 01.12.2017 as there are no assets remaining to be protected. It is further submitted that the response from the Registry of the Labour Court at Dalmiya Nagar in respect of the pending labour case is still awaited. However, he would sent the official messenger to collect the details and status of the labour case. At present, Rs. 17,65,855/- is available with him, subject to withdrawal / maturity of F.D. Of Rs. 16,81,211/- and Rs. 84,644/- as a bank balance. Learned Official Liquidator is in position to disburse the amount of Rs. 17,00,000/- payable to the ex-workmen, however only on the outcome of the pending labour case. An amount of Rs. 65,855/- would be earmarked towards liquidation expenses.

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In view of the report submitted today, Learned Official Liquidator is permitted to disengage the security agency with effect from 01.12.2017. Let him take urgent steps to ascertain status of the case at labour court at Dalmiya Nagar through official messenger. Learned Registrar General is required to submit a report as to the prayer made in respect of deposit of Rs. 17,00,000/- with the Registry of this Court in the light of the plea taken by the Official Liquidator that there are no other outstanding dues to be settled except that of the ex-workmen of the Company who are parties in the labour case at Dalmiya Nagar.

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Accordingly, post the matter on 15.12.2017 as unfixed case, by which time, status of the labour case at Dalmiya Nagar and report of the Learned Registrar General on the aforesaid issue should be on record.”

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The Official Liquidator has informed that security agency has been disengaged with effect from 01.12.2017. However, status report could not be obtained from the Labour Court, Dalmiya Nagar despite official messenger being sent there. Status report is however still awaited.

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Learned Registrar General has also submitted a report pursuant to the said order which, in effect, indicates that the amount of Rs. 17.00 lakhs kept in a fixed deposit by the Official Liquidator, can be transferred to the Registry of this Court to be kept in the form and manner, as may be directed.

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Learned counsel for the Official Liquidator submits that there are no assets of the Company under liquidation which remain to be auctioned. Towards the admitted claim of the substituted secured creditor Vijeta Projects and Infrastructure Ltd., an

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amount of Rs. 3.85 crores have been paid to it as an interim dividend on the condition that it would refund if any amount is paid in excess as and when the Hon'ble Court passes an order to that effect. The claim of the workmen are yet to be decided as the case is pending in the Labour Court at Dalmiya Nagar. The total amount available with the Official Liquidator after auction of the assets of the Company is Rs. 17,65,855/-. In terms of the report at Flag-'44', Official Liquidator may be directed to transfer the amount of Rs. 17.00 lakh to the Registry of this Court and keep the amount of Rs. 65,855/- towards liquidation expenses. The Company may also be liquidated as the claim of the workmen can't be settled at this stage as it is dependent upon the outcome of the case pending at Dalmiya Nagar.

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Considered the submissions of the learned counsel for the Official Liquidator and the report of the Learned Registrar General as well. In the light of the conspicuous facts and development recorded herein-above, the Official Liquidator is permitted to transfer the amount of Rs. 17.00 lakhs in favour of the Learned Registrar General of this Court in the form of Fixed Deposit. Learned Registrar General is required to maintain the account of the amount thereafter.

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Let the case appear on 05.01.2018 as unfixed case for further orders. Official Liquidator is also required to file a Resolution Report in terms of section 481 of the Companies Act.

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( Aparesh Kumar Singh, J )

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Ranjeet/

M/S. Sone Vanaspati Limited v. Official Liquidator

Case brief

What is this about?

What did the court decide?

M/S. Sone Vanaspati Limited v. Official Liquidator

Case brief

What is this about?

What did the court decide?

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