AIR FORCE NAVAL HOUSING BOARD Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) FEELING aggrieved by the order dated 23rd of November, 2007 passed by the Claims Committee rejecting the claim of the present applicant, the present petition has been filed under Rules 6 and 9 of the Company (Court) Rules, 1959. The facts in brief are as follows:

(2.) AIR Force Naval Housing Board (hereinafter referred to as the Board), registered under the Societies Registration Act, 1860 with the object to promote suitable housing scheme for serving AIR Force and Naval on all India basis made a fixed deposit of Rs. 1 crore on 13th of October, 1986 for a period of 12 months with interest at the rate of 15% per annum with M/s. Premier Vinyl Flooring Limited.

(3.) SHRI Om Prakash Mishra, learned counsel for secured creditors such as IFCI Ltd., IDBI Bank Ltd., etc. submits that there is no provision under the Companies Act and the Company (Court) Rules, 1959 for payment in priority to the debts like the appellant who has claimed it as a sum deposited with the company to be held in trust by the company.