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Jharkhand High Court · body

2018 DIGILAW 2677 (JHR)

Ravi Hi-Tech Ltd. v. B. I. F. R.

2018-12-06

APARESH KUMAR SINGH

body2018
ORDER : The Official Liquidator has filed a report on 10.09.2018 at Flag ‘74’, contents thereof are being briefly discussed hereinafter for consideration on the prayer made therein. 2. Learned counsel for the Official Liquidator has taken the court through the chronology of events in the lifecycle of this petition where the winding up order was passed on 06.11.2009 on the assets and properties of this Company at two places, (i) at its registered office-cum factory situate at plot no. NS-6, Phase-V, Adityapur Industrial Area, Gamharia, Jamshedpur, Jharkhand and (ii) at Survey Plot No. 30/1 Alindra, Taluka-Kalol, District Panchmahal, Gujarat. Pursuant to the winding up order, possession and properties of the Company were taken over by the Official Liquidator. Both the properties were sold, as per orders of this court dated 25.03.2011 and 29.07.2011. The Gujarat Unit of the Company had two secured creditors namely Gujarat Industrial Investment Corporation and Allahabad Bank being 1st and 2nd Charge Holders respectively. The Gujarat Unit was sold for Rs. 50,00,000/- and Jamshedpur Unit was sold for Rs. 1,62,00,000/-. Notice inviting claims against the Company were published in newspapers on 17.06.2011. Claims of three secured creditors Gujarat Industrial Investment Corporation in respect of Gujarat Unit of the Company and Bihar State Financial Corporation and Allahabad Bank in respect of Jamshedpur Unit of the Company amounting to Rs. 81,33,80,853/- were received and admitted by the Official Liquidator. Details of the claims received, settled and admitted by the Official Liquidator contained in chart under para-5, is also extracted hereunder for better appreciation: Sl. No. Name, Address and description of Creditor Particulars of debt or claim Amount laimed (in Rs.) Amount admitted (in Rs. 81,33,80,853/- were received and admitted by the Official Liquidator. Details of the claims received, settled and admitted by the Official Liquidator contained in chart under para-5, is also extracted hereunder for better appreciation: Sl. No. Name, Address and description of Creditor Particulars of debt or claim Amount laimed (in Rs.) Amount admitted (in Rs. Whether admitted as preferential I Bihar State Financial Corporation, Adityapur, Jamshedpur Secured Creditors (for Jamshedpur unit of the company) 2,59,34,335/- 2,59,34,335/ Preferential U/s 529A II Allahabad Bank, Lalpur Chowk, Circular Road, Ranchi Secured Creditor (for Jamshedpur unit of the company) (paripasu charge with BSFC) 16,74,30,560/- 16,74,30,560/ -do- III Gujarat Industrial Investment Corporation Ltd., Sayajiganj, Baroda-390005 Kalol, Gujarat unit of the company as 1st Charge holder) 34,14,29,449/ 34,14,29,449/ -do IV Allahabad Bank, Lalpur Chowk, Circular Road, Ranchi Secured Creditors (for the Kalol Gujarat unit of the company as 2nd Charge holder) 27,85,86,509.41 27,85,86,509.41 -do- V Total against Jamshedpur unit (BSFC & Allahabad Bank) As per paripasu agreement 19,33,64,895/- 19,33,64,895/- -do- VI Total against Kalol unit GIIC 1st Charge Holder Allahabad Bank 2nd charge 62,00,15,958.41 62,00,15,958.41 -do- VII Grand Total Against the two units (Jamshedpur and Gujarat) 81,33,80,853/- 81,33,80,853/- 3. Since the amount of claim against Gujarat Unit comprises Rs. 34,14,29,449/- of Gujarat Industrial Investment Corporation Limited (1st Charge Holder) and Rs. 27,85,86,509.41 of Allahabad Bank (2nd Charge Holder), it was absolved by way of payment of Rs. 48,51,760/- to Gujarat Industrial Investment Corporation Limited out of Rs. 50,00,000/- received as sale proceeds from sale of Gujarat Unit after adjustment of due liquidation expenses pursuant to the order dated 08.08.2014 passed by this court. Details of the account of realization, expenses and payment of dividend are also furnished in the form of a chart under para-6 which includes the amount deducted for the expenditure incurred under the heads of security expenses, cost of advertisement, professional fees, travel expenses, Official Liquidator’s Establishment Fund, TDS and Central Government Fees. 4. As regards the Jamshedpur Unit of the Company, BSFC and Allahabad Bank are two secured creditors holding pari pasu charge against the assets of the Company. Particulars of the claims of BSFC and Allahabad Bank furnished in the form of a chart under para-7 show that the admitted claim of BSFC is to the tune of Rs. 2,59,34,335/- and that of Allahabad Bank of Rs. 16,74,30,560/-. Both taken together totaling 19,33,64,895/-. 5. Particulars of the claims of BSFC and Allahabad Bank furnished in the form of a chart under para-7 show that the admitted claim of BSFC is to the tune of Rs. 2,59,34,335/- and that of Allahabad Bank of Rs. 16,74,30,560/-. Both taken together totaling 19,33,64,895/-. 5. Learned counsel for the Official Liquidator has brought to the notice of the court that Allahabad Bank had conducted a bidding for sale of the assets of the Company, as per BIFR’s order dated 03.12.2003 prior to winding up order of this court in which it had received sum of Rs. 50,00,000 as initial payment from the bidder. However, the bidder failed to pay the remaining bid amount and Rs. 50,00,000/- was retained and kept in a no lien account by Allahabad Bank. Pursuant to the orders of this court dated 03.08.2012 and 08.02.2013, bank submitted statement of account of Rs. 50,00,000/- and interest accrued thereupon. It is evident therefrom that interest of Rs. 8,30,137/- accrued on the amounts of Rs. 50,00,000/-. Thus, cumulative amount received by the bank is Rs. 58,30,137/-. It is submitted that this aspect has to be borne in mind in exercise of distribution of dividend to Allahabad Bank and BSFC. This amount of Rs. 58,30,137/- has to be deducted from dividend payable to Allahabad Bank. The fund position of the Company and the balance amount in Bank account with the Official Liquidator is furnished under para-11, which is extracted hereunder: Amount invested in Fixed Deposits Rs. 2,58,50,663/- Balance in bank account Rs. 66,768/- Amount likely to be received in case of premature withdrawal of Fixed Deposits (Approx) Rs. 11,00,000/- 6. In view of the fund position and subject to receipt on maturity/withdrawal of fixed deposits leaving aside the receipt of the amount of Rs. 50,00,000/- by Allahabad Bank, the Official Liquidator has computed the dividend payayble @14% to both the secured creditors having pari-pasu charge which is commensurate to the fund available on the date of declaration of dividend. If such course is permitted keeping an amount of Rs. 53,654/- for pending incidental liquidator expenses, the total amount to be disbursed to both the secured creditors out of the sale proceeds of the Unit at Jamshedpur would be as under: Sl. No. Name of the Secured Creditor Admitted claim amount Amount payable @ 14% (Approx) of Admitted Claim (Amount in Rs.) 1. 53,654/- for pending incidental liquidator expenses, the total amount to be disbursed to both the secured creditors out of the sale proceeds of the Unit at Jamshedpur would be as under: Sl. No. Name of the Secured Creditor Admitted claim amount Amount payable @ 14% (Approx) of Admitted Claim (Amount in Rs.) 1. Bihar State Financial Corporation 2,59,34,335/- 36,30,806.90 Rounded to 36,30,807/- 2. Allahabad Bank 16,74,30,560/- 2,34,40,278.40 Rounded to 2,34,40,278/- Total 2,70,71,085/- 7. In these circumstances, Official Liquidator has sought permission to declare and disburse the full and final dividend payable to the secured creditors of the Company BSFC and Allahabad Bank, as per the amount computed at para-12, extracted herein above. Thereafter, process for dissolution of the Company under section 481 of the Companies Act, 1956 would be undertaken. 8. Learned counsel Mr. P.A.S. Pati submits that securitization Company viz. Pegasus Assets Reconstruction Private Limited incorporated under the Companies Act, 1956 and registered as a Securitization and Asset Reconstruction Company pursuant to section 3 of SARFASI Act has stepped into the shoes of secured creditor Allahabad Bank. Learned counsel submits that the securitization Company has been allowed to step into the shoes of the secured creditor Allahabad Bank and join as a party Respondent in the present proceedings by order dated 16.01.2015 passed on I.A. No. 3861/2014. As such, dividend would be payable to the Securitization Company. 9. Learned counsel for the BSFC Mr. Ashok Kumar Yadav does not have any opposition to the prayer made by the Official Liquidator. He submits that whatever is available out of the sale proceeds of Jamshedpur Unit of the Company under liquidation, is to be apportioned pari-pasu between two secured creditors BSFC and Allahabad Bank, as per the charge created against such property. As such, orders may be passed for disbursement of the dividend as proposed by the Official Liquidator. 10. Learned counsel for AIADA Mr. C.A. Bardhan submits that the Unit at Jamshedpur had certain outstanding dues against AIADA which AIADA is entitled to claim. However, there is no claim made by AIADA before the Official Liquidator earlier when notice for adjudication of claim were invited and as on date also, there are no such claim through any application on behalf of AIADA. As such, no effective order can be passed on such an oral prayer. 11. However, there is no claim made by AIADA before the Official Liquidator earlier when notice for adjudication of claim were invited and as on date also, there are no such claim through any application on behalf of AIADA. As such, no effective order can be passed on such an oral prayer. 11. In view of the aforesaid facts and circumstances, taken note above, Official Liquidator is permitted to declare and disburse the full and final dividend payable to the secured creditors BSFC and Allahabad Bank or its assignee M/s Pegasus Assets Reconstruction Private Limited, as indicated in the last chart, hereinabove. Official Liquidator is permitted to adjust the amount of Rs. 58,30,137/- from the dividend payable to the secured creditor Allahabad Bank, as per the computation made above. Let a report be submitted about the compliance by the next date. 12. Let the case appear after four weeks on 10.01.2019 as unfixed case. 13. Let a copy of the order be handed over to the learned counsel for Official Liquidator. Ordered accordingly.