Disposed

Sri Balchand Soni v. Official Liquidator

Telangana HC7 Mar 2011COMPA/1557/2010

Case brief

AI extract

What is this about?

On an application seeking payment of an admitted preferential category claim, the Court directed the Official Liquidator to consider the claim only when necessary funds become available, following an earlier order in a similar batch. No costs were awarded.

What did the court decide?

Direction to the Official Liquidator to consider the admitted claim of the applicant as and when necessary funds are made available.

Sri Balchand Soni Vs Official Liquidator — Insolvency and Bankruptcy | Telangana HC (2011)

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THE HON'BLE Ms. JUSTICE G.ROHINI

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COMPANY APPLICATION No.1557 OF 2010 IN

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R.C.C.No.22 OF 2000

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Dated: 07.03.2011

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Between: Sri Balchand Soni ..... Applicant And Official Liquidator ….. Respondent The Court made the following:-

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THE HON’BLE Ms. JUSTICE G. ROHINI

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COMPANY APPLICATION No.1557 OF 2010 IN R.C.C.No.22 OF 2000

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O R D E R :

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This application has been filed seeking a direction to the Official Liquidator attached to this Court representing the company in liquidation-M/s. Tungabhadra Industries Limited to pay a sum of Rs.59,608-85ps. to the applicant towards admitted claim of the applicant.

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I have heard the learned counsel for the applicant as well as the learned counsel for the Official Liquidator and perused the report filed by the Official Liquidator vide O.L.R.No.25 of 2011.

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It is not in dispute that the claim of the applicant has been admitted only in preferential category under Section 530 of the Companies Act, 1956 (for short, ‘the Act’). In the report filed by the Official Liquidator it is stated by the Official Liquidator that although, the first charge holders have been paid 100% of their admitted secured debt, the second charge holder, SBI, which has been relegated to the position of the first charge has been paid only a sum of Rs.28.50 crores and still a sum of Rs.26.82 crores is to be paid.

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It is also brought to my notice that in identical circumstances, this Court by order dated 14.07.2010 disposed of Company Application No.453 of 2010 and batch with a direction to the Official Liquidator to consider the amounts claimed by the applicants therein under the preferential category under Section 530 of the Act as and when necessary funds are made available.

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Having regard to the admitted fact that the applicant herein

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comes only under preferential category, following the order dated 14.07.2010 in Company Application No.453 of 2010 and batch, the Application is disposed of with a direction to the Official Liquidator to consider the claim of the applicant herein as and when necessary funds are made available. No costs.

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____________ G. ROHINI, J

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Date: 07.03.2011 Ivd

Sri Balchand Soni v. Official Liquidator

Case brief

What is this about?

What did the court decide?

Sri Balchand Soni v. Official Liquidator

Case brief

What is this about?

What did the court decide?

What the court decided

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