IFCI LIMITED Vs. BANK OF BARODA

JUDGEMENT

(1.) The present appeal arises against the order dated 15.3.2010 passed by the learned Company Judge of this Court in Company Application No.388 of 2009, whereby the learned Company Judge has directed the disbursement of the amount of Rs.3.50 crore to Bank of Baroda and has further directed the Official Liquidator to take steps to get back of the amount paid earlier to Canara Bank as well as to IFCI Limited.

(2.) It is an undisputed position that there were three secured creditors on record namely; Bank of Baroda, Canara Bank and IFCI Limited. The said aspect is apparent from the report submitted by the OL, which has been referred to by the learned Company Judge in the impugned order. If the matter is considered in light of the earlier order dated 24.10.2007 passed by the learned Company Judge in Company Application No.219 of 2007 and allied matters, it is clear that all the three secured creditors had the claim over the property of the company, subject to, inter se, apportionment and the claims were found admissible by the OL. The relevant observations made in the said order dated 24.10.2007 of the learned Company Judge can be extracted as under:-

(3.) Therefore, as such while passing the impugned order, without considering the earlier order dated 24.10.2007 in Company Application No.219 of 2007 and allied matters, the impugned order could not have been passed. Further it was required for the learned Company Judge to hear the appellant herein as well as Canara Bank for two fold purpose, one was that at the time when the disbursement was to take place, whether the other secured creditors namely; the appellant and Canara Bank had any say in the matter or not and the another was that before making any observations on the aspect as to whether any amount has been paid in excess or not and before giving directions to the OL to take steps for getting back of the amount, the concerned secured creditors namely; the appellant herein and IFCI Limited as well as another secured creditor Canara Bank were required to be heard.