KOSTUB INVESTMENTS LTD. Vs. REINZ TALBROS LTD.

JUDGEMENT

(1.) This application has been instituted on behalf of the applicant -M/s. Kostub Investments Ltd., under Rule 9 of the Companies (Court) Rules, 1959 seeking modification of the order dtd. 3/2/2023 passed by this Court. The primary issue which is to be answered is: whether the claims of the applicant are to be adjudicated up to the date of the appointment of the provisional liquidator i.e., 25/2/2002 or up to the date of final winding up of the company (in liquidation) i.e., 9/8/2012?

(2.) Briefly stated, the claimant herein is a secured creditor of the company (in liquidation) by way of being a Debenture Holder, whereas Bank of Baroda is the Debenture Trustee, besides being a secured creditor of the company (in liquidation).

(3.) On a perusal of the instant application, it is brought forth that Bank of Baroda initially filed a claim before the Official Liquidator, on behalf of the Debenture Holders of the company (in liquidation), to the tune of Rs. 12,00,21,599.00 and vide letter dtd. 4/9/2008, the Official Liquidator adjudicated the claim for a sum of Rs. 8,34,04,285.00, rejecting a sum of Rs. 3,66,17,714.00 on the ground that such amount sought by the Bank was in the nature of penal interest. Thereafter, Bank of Baroda instituted Company Appeal (SB) No. 08/2011 challenging the said adjudication, and this Court vide order dtd. 1/6/2011, set aside the adjudication thereby directing the Official Liquidator to adjudicate the claim afresh.