LORD KRISHNA BANK LTD. Vs. KOSHIKA TELECOM LTD.

JUDGEMENT

(1.) THIS application has been filed by M/s Zullu Security (India) Pvt. Ltd. (hereinafter to be referred as `the applicant Company') for issuance of a direction to IFCI, a secured creditor of the Company under liquidation, namely, M/s Koshika Telecom Ltd., for paying to it Rs. 37,84,823/-.

(2.) THE applicant Company is a security provider and is on the panel of security providers maintained by the official liquidator attached to this Court for providing security services to protect the assets of those Companies in respect of which provisional liquidator is appointed by this Court in winding up petitions and their assets are taken over by the official liquidator. This Court in the present case had passed an order for the appointment of a provisional liquidator in respect of M/s.Koshika Telecom Ltd. THEreafter, the official liquidator took over some assets of the said Company and in order to protect the same IFCI, a secured creditor of this Company under liquidation , took over the responsibility of the safety of those assets as it was vitally interested in their protection to protect its own interest as a secured creditor of the Company under liquidation. THE applicant Company was then entrusted the job of providing security services and it is undisputed that IFCI had entered into a contract with the applicant Company and had agreed to make the payment of the security charges to the applicant Company directly and thereafter it had been paying also the security charges to the applicant.

(3.) IN reply to the plea of IFCI regarding the unconditional acceptance and encashment of the cheque for Rs.14,38,442/- by the applicant Company claimed that there was never any settlement between the parties for acceptance of less amount by the applicant.