Disposed

International Asset Reconstruction Company Private Limited v. The Official Liquidator, High Court, Madras

Madras HC8 Mar 2024COMP.A/62/2024

Case brief

AI extract

What is this about?

A creditor sought pro-rata disbursement of sale proceeds of secured assets of a company in liquidation. The Official Liquidator reported pending adjudication of three secured creditors' claims. The court directed the Liquidator to complete adjudication of all pending secured creditors' claims within 60 days and disposed of the application.

What did the court decide?

Direction to Official Liquidator to adjudicate all pending secured creditors' claims within 60 days.

International Asset Reconstruction Company Private… — Insolvency and Bankruptcy | Madras HC (2024)

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Comp.A.No.62 of 2024 in C.P.No.115 of 2004

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C.SARAVANAN,J.

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This Company Application has been filed for a direction to the respondent/learned Official Liquidator, in a time bound manner, to disburse in favour of the applicant on a pro-rata and pari passu basis, the amounts realized by way of sale of secured assets of the respondent company and other income/dividends collected on behalf of the respondent company.

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2. Pursuant to the order passed on 23.02.2024, the Official Liquidator has

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filed a reports in response to the above application dated 01.03.2024 on 05.03.2024.

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3. In the report, it has stated as follows:

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“11. It is submitted that out of 1308 claims, the Official

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Liquidator has adjudicated and admitted one claims of EPF, 4 claims of secured creditors and 838 (674 + 164) claims of workmen

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creditors and as per the directions of this Hon'ble Court, disbursement of divided @ 23.5 paise in a rupee on the admitted amount so far made to the following creditors is an under:

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https://www.mhc.tn.gov.in/judis

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*Sl.No.*	*Name of* *the* *Creditor*	*Name of* *claims*	*Amount* *admitted*	*Paid dividend @* *20% on the* *admitted amount* *except PF claim* *(100%) as per* *the directions of* *this Hon'ble* *Court order* *dated 28.06.2019* in *C.A.No.162/2019* *Rs.*	*Paid dividend* *@ 3.5% on the* *admitted* *amount as per* *the directions* *of this Hon'ble* *Court order* *dated* *30.07.2021 in* *C.A.No.151 of* *2021* *Rs.*
1	EPF	1	47,11,143	47,11,143	Nil
2	Secured creditors	4
	1.Canara bank		5,00,00,000	1,00,00,000	17,50,000
	2.ARCIL		17,62,24,824	3,52,44,965	61,67,869
	3IARC		34,35,99,419	6,87,19,884	1,20,25,980
	4,SIPCOT		50,00,000	10,00,000	1,75,000
3	Workmen creditors	674	4,43,67,724	88,73,545	15,52,882
4	Workmen creditors	164	75,47,700	15,09,550 (order dated 24.01.2020 in C.A.No.16 of 2020)	264,172
	Total	843	63,14,50,810	13,00,59,087	2,19,35,903

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13.That the applicant IARC has filed claim for Rs.73,18,80,769.16 and admitted a sum of Rs.34,35,99,419/-. Further as per the directions of this Hon'ble Court order dated 28.06.2019 in C.A.No.162 of 2019 and further extension period vide order dated 24.01.2020 in C.A.No.16 of 2020 declaring a dividend @ 20 paise in https://www.mhc.tn.gov.in/judis a rupee on the admitted amount of Rs.6,87,19,884/- to the applicant.

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Further as per the directions of this Hon'ble Court vide order dated 30.07.2021 in C.A.No.151 of 2021 declaring a dividend @ 3.5 paise in a rupee on the admitted amount of Rs.1,20,25,980/- to the applicant.

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14.Funds position of the company in liquidation as on 21.12.2024 is Rs.22,54,09,901/-.

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15.It is to submit that 3 secured creditors claim for adjudication/re-adjudicatiion are under process and hence the claim of the applicant for further payment can be considered only after the said adjudications are completed.”

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4. In view of the above, there shall be a direction to the office of the

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Official Liquidator to adjudicate the pending claim of all the secured creditors

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within a period of 60 days from the date of receipt of a copy of this order.

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5. With the above directions, this application stands disposed of.

08.03.2024

rpl

C.SARAVANAN,J.

https://www.mhc.tn.gov.in/judis

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rpl

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Comp.A.No.62 of 2024 in C.P.No.115 of 2004

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08.03.2024

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https://www.mhc.tn.gov.in/judis

International Asset Reconstruction Company Private Limited v. The Official Liquidator, High Court, Madras

Case brief

What is this about?

What did the court decide?

International Asset Reconstruction Company Private Limited v. The Official Liquidator, High Court, Madras

Case brief

What is this about?

What did the court decide?

What the court decided

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