LORD KRISHNA BANK LTD. Vs. KOSHIKA TELECOM LTD.

JUDGEMENT

(1.) The CO.APPL. 1019/2017 dtd. 1/5/2017 has been moved by the applicant - Mr. Sachin Jain, who is a third party objector (hereinafter referred as applicant/third party objector), under Sec. 460 of the Companies Act, 1956 read with Rules 6 and 9 of the Companies (Court) Rules, 1959, praying that the Official Liquidator be directed to refund the amount of Rs.57.50 Lacs deposited by the applicant pursuant to the directions/order dtd. 3/6/2009 by the learned DRT, Delhi,[Debt Recovery Tribunal] along with due interest @ 18% per annum from the date of deposit. The other application being CO.APPL. 211/2024 has been moved on behalf of the Official Liquidator seeking condonation of delay in filing the OLR/Status Report bearing No. 15/2024. The same is condoned and OLR No. 15/2024 taken on record. Accordingly, the application bearing CO. APPL. 211/2024 stands disposed of.

(2.) Shorn of unnecessary details, the movable and immovable assets of the company (in liquidation) were ordered to be auctioned by the DRT in an OA bearing No. 148/2002, filed by the IFCI,[Industrial Financial Corporation of India] being a Secured Creditor in terms of order dtd. 20/4/2006, and consequent thereto recovery proceedings were initiated. It is borne out from the record that since only the movable assets of the company (in liquidation) were mortgaged with the Secured Creditor, on the commencement of the winding up proceedings, IFCI was directed vide orders of this Court dtd. 1/8/2013 and 11/11/2014 to deposit the proceeds/funds realised from the sale/auction of as many as seventy six immovable assets of the company (in liquidation) with the Official Liquidator.

(3.) It further borne out from the record that pursuant to the abovenoted orders of this Court, IFCI deposited a total sum of Rs.13,10,19,293.00 with the Official Liquidator during the period 13/1/2009 to 6/2/2012 in the following truncated manner - Rs.4,89,64,150.00 on 22/10/2013; Rs.2,20,90,173.00 on 27/11/2013; Rs.88,66,077.00 on 27/2/2015 Rs.5,10,98,893.00 and on 10/4/2015.