PRINTPACK INDUSTRIES LTD. Vs. BANK OF BARODA

JUDGEMENT

(1.) Heard learned Advocate Ms.Bhoomi Thakore appearing on behalf of the applicant, learned Advocate Ms.Nalini Lodha for respondent No.1 Bank and learned Advocate Mr.Dhairyawan Bhatt for respondent No.2 Bank.

(2.) By way of this Official Liquidator Report (OLR), the Official Liquidator (OL) has prayed for permission to disburse the funds available with the OL with regard to the Company in liquidation in favour of the respondents herein, as per the ratio fixed by the Chartered Accountant.

(3.) Learned Advocate Ms.Bhoomi Thakore appearing on behalf of the applicant would draw the attention of this Court to the report of the Chartered Accountant as regards the claim of the Secured Creditors being respondents herein and whereas it is submitted that the Chartered Accountant vide report dtd. 15/10/2010 had been pleased to fix ratio at 88.68 : 11.09 respectively in favour of the respondents herein. Learned Advocate would submit that at the relevant point of time, when the report had been preferred the fund position of the Company was of Rs.5,44,295.00 lying in the Bank and FDR of Rs.77,99,363.00, totalling to Rs.83,43,658.00 and whereas based upon the ratio as fixed by the Chartered Accountant, an amount of Rs.77,02,680.00 was to be paid to respondent No.1 Bank and an amount of Rs.3,97,320.00 was to be paid to respondent No.2 Bank. Learned Advocate Ms.Thakore would further submit that though the amount in question as of now has increased, this Court may direct appropriate disbursement in the ratio as fixed by Chartered Accountant.