ICICI BANK LTD Vs. SHIVMONI STEEL TUBES LTD

JUDGEMENT

(1.) THIS order is in continuation of order dated December 13, 2004 in OLR No. 533 of 2004, for the purpose of disposing of the connected company applications, in the light of subsequent submissions made by learned counsel for the parties.

(2.) ALL these matters had been heard earlier and were to be ordered. While in the process, Sri narayan Bhat, learned counsel for the applicants in C. A. No. 1234 of 2002 representing the erstwhile workmen of the company under liquidation, moved the court for listing the matter for further hearing on the premise that though certain amounts have been realised from the sale of assets of the company under liquidation, in view of the various claims and counter claims and these matters require resolution etc. , the amount has not been distributed so far. The official liquidator before whom the claims on behalf of workmen had been put forward has now determined the entitlement of the amount due to the workmen ; that at any rate the amount due to the workmen is now ascertained ; that the workmen have been out of employment as the company had declared lock out which according to the workmen, was not a valid lock out in law ; that the workmen had agitated these matters and the matter had come up before this court in writ jurisdiction in W. P. No. 15447 of 1988 connected with W. P. No. 4320 of 1989 disposed of on July 15, 1997, and it is the submission that this court has ruled in the said writ petition that the workmen are entitled for their wages from the date the company declared lockout till the date of passing of the winding up order, that they could put forward the claim for such wages before the official liquidator and it is on such premise, that the workmen had declared their claims before the official liquidator and the amount also has now been determined by the official liquidator. Submission of Sri Narayan Bhat is that further direction may be issued to the official liquidator for release of payment in favour of workmen in the light of the determination made by the official liquidator.

(3.) THE factual position, so far as realisations are concerned is that, as noticed earlier, many of the assets of the company under liquidation had been taken possession of by M/s. KSIIDC in exercise of their statutory power under Section 29 of the State Financial Corporations Act even before this court passed the orders for winding up of the affairs of the company and had continued to be in possession of the assets of the company on the day the winding up order was passed and while the Corporation--a secured creditor had filed an application before this court to stand outside the winding up proceedings and to realise its securities, this court had in fact permitted the Corporation to sell such assets of the company which it had taken possession of, that property in fact was sold for a sum of Rs. 4,76,50,000 and from out of the realisation, a part of the amount was permitted to be retained by the Corporation and this court in terms of the order dated March 7, 2003, directed the Corporation to deposit the balance of the amount before this court.