PRADESHIYA INDUSTRIAL AND INVESTMENT CORPORATION, U.P.LTD. Vs. OFFICIAL LIQUIDATOR (IN THE MATTER OF M/S.MEEKAN TRANSMISSION LTD.(IN LIQUIDATION) KANPUR DEHAT)

JUDGEMENT

(1.) THIS is an appeal under Rule 164 of the Companies Court Rules, 1959 against the report of the Official Liquidator declaring the dividend out of the realised assets of M/s. Meekan Transmission Ltd. (in liquidation) wound-up by this Court on 12.3.2003. The assets were sold for Rs. 73 lacs on 31.3.2006.

(2.) PRADESHIYA Industrial and Investment Corporation, U. P. Ltd. (PICCUP) filed a claim with proof of debts, the account/overdue position due on 12.2.2003 at Rs. 3, 59, 49, 699.44 and the ARO Dues amounting to Rs. 1, 19, 324.98.

(3.) THE Official Liquidator declared the dividend with the share of workmen at 28% out of available amount and the share of secured creditors at 99.72% of the available amount. He had recommended Rs. 20, 760/- for the workmen and Rs. 72, 79, 240/- for the secured creditors.