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2014 DIGILAW 1287 (MAD)

C. Natesan v. M. Ravindran

2014-06-12

R.SUDHAKAR

body2014
Judgment : 1. This Company Application is filed under Order XIV Rule 8 of Original Side Rules read with Rules 9, 11(b) and 19 of Company Court Rules, 1959 praying to direct the 2nd respondent Official Liquidator to pay the surplus/excess amount of Rs.25,20,10,886/-, lying in the company's liquidation account, to the applicant, which is due to/payable to the applicant since all the depositors have been settled/paid as per the direction given by this Court. 2. Heard Mr.L.Ramu, learned counsel appearing for the applicant, Mr.M.Ravindran, learned Senior Advocate, Administrator of the erstwhile Anubhav Group of Companies in Liquidation and the learned Official Liquidator. 3. The applicant Chairman and Managing Director of the erstwhile Anubhav Plantations Limited, the company under liquidation, has filed the application seeking a direction to direct the Official Liquidator to pay the surplus amount of Rs.25,20,10,886/- lying in the company's liquidation account to the applicant stating that all deposits have been settled as per the direction of this Court. 4. The above statement made by the applicant is denied by the learned Official Liquidator and the learned Administrator by way of separate and independent reports. 5. In para 6 of the report, learned Official Liquidator has stated as follows:- “6.The funds available to the credit of the company are to be distributed in accordance with the provisions of the Companies Act, 1956 and the Companies Court Rules, 1959 made therein.” 6. In this regard, learned Administrator has stated that the interest component which has to be paid to the investors/depositors has not been disbursed and therefore, the question of making any payment to the applicant does not arise. 7. In view of the above, the reports of the learned Official Liquidator and the learned Administrator are taken on record. 8. Since the entire due of the investors/depositors has not been settled, the question of making any payment to the applicant does not arise. 9. The learned Official Liquidator states that the funds available to the credit of the company are to be distributed to the creditors by way of interest, which view is endorsed by the learned Administrator stating that the payment of interest has to be paid to the investors/depositors. Therefore, the Official Liquidator is directed to pay the investors/depositors the interest component as applicable for which the Official Liquidator is permitted to move appropriate application immediately. However, this application is dismissed.