NEEKA TUBES LTD Vs. GUJARAT MAZDOOR SABHA

JUDGEMENT

(1.) THE present report has been submitted by the Official Liquidator seeking disbursement of the amount of Rs. 2,18,54,173/- to Bank of Baroda and Rs. 53,80,667/- to ICICI Bank and it is further prayed to permit the Official Liquidator to disburse the amount of Rs. 77,65,160/- to the workmen. Official Liquidator has also prayed to permit payment of the bill of the Chartered Accountant.

(2.) HEARD Mr. Modi for the Official Liquidator, Mr. Sinha for respondent No. 1, Ms. Lodha for respondent No. 2 and Mr. Mehd for respondent No. 3.

(3.) IT appears that earlier the order was passed by this Court for adhoc disbursement of Rs. 1 crore to the workers but so far as the secured creditors are concerned, as their claims were yet to be verified no order for disbursement was passed. It has been stated on behalf of the Official Liquidator that at present the available fund is Rs. 4. 16 crores plus the amount of Rs. 5 lac. Therefore, taking in to consideration the said aspect the amount of Rs. 4 crore can be spared towards the claim of the secured creditors and the workers claim and at the time when Official Liquidator has to disburse the amount to the workers, the adjustment/set off will have to be made of the amount already disbursed pursuant to the earlier order passed by this Court for disbursement on adhoc basis.