AXIS BANK Vs. GOL OFFSHORE LIMITED

JUDGEMENT

(1.) The applicants who claim to be the secured creditors of Gol Offshore Limited, the company in liquidation, have preferred this application to seek permission to appropriate their purportedly exclusive security namely the amounts lying in the Trust and Retention Account and O & M expenses sub account of the company in liquidation as maintained by the applicant No. 1 Axis Bank Limited, the Lead Bank, on behalf of the applicants.

(2.) The background facts necessary for determination of this application can be stated in brief as under:-

(3.) The applicants claimed that on account of the default committed by the company in liquidation in respect of the various loan facilities, the applicants in the capacity of the secured creditors enforced their respective security by standing outside the winding up proceeding. Therefore, the applicants have preferred this application to seek permission of the Court to appropriate the amounts lying in the TRA and O & M Expenses Sub Account. The applicants undertake to satisfy pro rata the claims of the workmen of the company in liquidation upon adjudication under Sec. 529A of the Companies Act, 1956 or Sec. 326 of the Companies Act, 2013 along with interest at the prevailing rate by depositing a portion of the amount equivalent to the workmen's portion with the Official Liquidator as and when directed by this Court. Hence, this application.