Sudhakar Kodali v. Official Liquidator of M/s. Miranka Ispat Limited Bangalore
2013-03-21
RAM MOHAN REDDY
body2013
DigiLaw.ai
Judgment :- 1. Petitioner, a successful bidder in a public auction for sale of the immovable properties belonging to M/s. Vivek Alloys Ltd., having changed its name to M/s. Miranka Ispat Ltd., the company in liquidation, took possession of the said property and made an application to the 2nd respondent for supply of electricity, which when denied by letter dt. 13/6/2011 - Annex.B on the premise that the company in liquidation is due Rs.2,81,11,547/-, has presented this application for the following reliefs: (a) to direct the Official Liquidator to pay the electricity dues of the company in liquidation to 2nd respondent in terms of the Companies Act, 1956; (b) to declare that the applicant is not liable to pay the arrears of electricity dues of the company in liquidation to the 2nd respondent and further direct the 2nd respondent to forthwith restore the electricity connection without existing on payment of arrears of electricity dues of the company in liquidation. 2. Second respondent though served, is conspicuously absent and is unrepresented. 3. There is no more dispute that the terms and conditions for the sale of assets of the company in liquidation published by the Official Liquidator contains the following clause: "16. The dues of all the creditors would be settled in accordance with the provisions of the Company Law." It is also a fact not in dispute that the Official Liquidator did adjudicate the claims of the 2nd respondent and by letter dt. 5/6/2012 -Annex.C, informed the 2nd respondent that on adjudication of the claim for Rs.2,81,11,547/-, an amount of Rs.1,19,54,336/-is allowed as preferential and Rs.1,61,57,541/-is allowed as ordinary, and further that the Official Liquidator distributed dividend at 73.22 paisa in a rupee to the secured creditors and workmen, with due permission of this court and as sufficient funds are not available to the credit of the company in liquidation to satisfy the claims covered under Sec.529A of the Companies Act, 1956, the claim of the Electricity Company under Sec.530 of the said Act, cannot be considered. 4. In the light of the adjudication of the claim, the 1st relief to direct the Official Liquidator to pay the dues to the 2nd respondent is unavailable.
4. In the light of the adjudication of the claim, the 1st relief to direct the Official Liquidator to pay the dues to the 2nd respondent is unavailable. The 2nd relief in so far as it relates to a declaration that the applicant is not liable to make payment of the dues of the company in liquidation to the 2nd respondent, deserves to be allowed. It is needless to state that it is for the applicant to make necessary application before the 2nd respondent and obtain a fresh connection for supply of electricity and therefore the direction to restore electricity connection does not arise. Application is accordingly ordered.