The court allowed an application where the Official Liquidator declared and directed payment of a dividend to Indian Renewable Development Agency Limited (IREDA) as the sole secured creditor from the liquidated assets of a company.
Official Liquidator directed to declare and pay dividend of Rs.43,70,62,836/- to IREDA and open a dividend account.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Com.A.No.73 of 2024 in C.P.No.229 of 2004
Com.A.No.73 of 2024 in
C.P.No.229 of 2004
C.SARAVANAN, J.
Pursuant to the order passed by this Court on 08.03.2024 in the above application, the office of the Official Liquidator had served notice on City Union Bank and Bank of Baroda. Both the Banks have received notice. As far as Bank of Baroda is concerned, the notice was served on 18.03.2024.
“To create second charge on the movable inclusive of plant & Machinery including book debts and immovable properties of the company already charged to M/s.Vijaya
1/5
Com.A.No.73 of 2024 in C.P.No.229 of 2004
Bank and IREDA.”
Baroda. The Deputy Official Liquidator would submit that Bank of Baroda has not filed Form No.66. It is further submitted that the Bank of Baroda has also not registered the charge with the Registrar of Companies (ROC). The Deputy Official Liquidator would further submit that the Bank of Baroda has only a second charge over the assets of the company under liquidation.
i) Form-71 filed under Rule 167 of the
Companies Court ( Rules), 1959 giving the list of creditor namely Indian Renewable
2/5
Com.A.No.73 of 2024 in C.P.No.229 of 2004
Development Agency Limited (IREDA) filed along with report dated 6th March 2024 is taken on record.
3/5
Com.A.No.73 of 2024 in C.P.No.229 of 2004
the disbursement is to be made to one claimant only.
iii)the Official Liquidator is directed to meet the incidental expenses in connection with the declaration/disbursement of dividend from the funds of the company in liquidation, and
iv) The learned Official Liquidator is directed
to cost of this application do come out of the
assets of the company in liquidation.
expeditiously as possible preferably within a period of 15 days from the date of receipt of a copy of this order.
22.03.2024
mp
C.SARAVANAN, J.
mp
4/5
Com.A.No.73 of 2024 in C.P.No.229 of 2004
Com.A.No.73 of 2024 in C.P.No.229 of 2004
22.03.2024
5/5
2 issues framed by the court
Whether the Office of the Official Liquidator is directed to declare and pay dividend to IREDA as a secured creditor.
Whether the Official Liquidator is permitted to open a dividend account for payment to the secured creditor.
2 provisions across 1 enactments
City Union Bank
Bank of Baroda
Indian Renewable Development Agency Limited
CSARAVANAN
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
