CENTRAL BANK OF INDIA Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THE appellant has filed the present appeal impugning the order dated 26.11.2013 passed by the Official Liquidator whereby the Official Liquidator has admitted the debt of Rs.12,55,69,834/ - as being secured by a  second charge over the immovable assets of the company. The appellant is aggrieved that the Official Liquidator has not admitted the debt of Rs.104 lakhs, owed on account of funded interest, as a secured debt.

(2.) THE Official Liquidator had, by its letter dated 18.03.2013, admitted the claim of the appellant for a sum of Rs.13,75,69,834/ - (Rs.1,20,00,000 as Secured debt and Rs.12,55,69,834/ - as Unsecured debt). The appellant was aggrieved by the said decision and had filed an appeal (Co.A(SB) No.18/2013) before this court contending that the appellant was also a secured creditor in respect of the amount of Rs.12,55,69,384/ -. By an order dated 10.04.2013, this court set aside the decision of the Official Liquidator and remanded the matter with a direction to pass a reasoned order.

(3.) THE limited issue that arises in the present appeal is whether the funded interest loan of Rs.104 lakhs ought to have been considered by the Official Liquidator while accepting the claim of the appellant.