INDIAN MAIZE AND CHEMICALS LTD Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) Heard Sri R.P. Agarwal for the applicant and Sri S.K. Saxena, the official liquidator.

(2.) This application has been filed for the relief to direct the official liquidator to settle the claims of the workmen of the company (in liquidation) on priority and in preference (and not rateably), to the dues of the secured creditor; and that in case the above directions for preferential payment to the workmen as aforesaid are not issued, the court may direct the official liquidator that in the computation of rateable distribution, the outstanding interest claim of the secured creditors on their loans/advances, should not be taken into consideration and the respective instalments of the workmen and secured creditors should be computed with respect to the principal amount of loans/advances as may be found due to the secured creditors.

(3.) The application A-56 has been disposed of and the prayers were rejected. It appears that due to the resolution of the Bar Association when the advocates are not appearing Sri R.P. Agarwal could not appear and made submission in support of their application, and in these circumstances, the court has heard him at some length.