MILL MAZDOOR SANGH Vs. BINOD MILLS CO LTD

JUDGEMENT

(1.) REPORT of Official Liquidator, dated 20 February, 2003, perused for the purpose of granting permission to employ additional staff for looking after various matters pertaining to this company. This company is in the process of being wound up. Indeed, there are directions from their Lordships of the Supreme Court in one pending case for its expeditious disposal by this court; pursuant thereto, proceedings for its expeditious disposal are being taken up on priority basis. Substantial steps have been taken by this court by passing several orders towards disposal of the properties, stock in trade, plant, machinery, buildings, etc. Dues have been recovered and sale price has also been collected by the Official Liquidator by way of sale of the aforesaid properties. Large number of claims (about 3,500) of the workers working in the company are under investigation, in addition to other claims of the creditors secured as well as unsecured creditors.

(2.) THE Official Liquidator has, therefore, prayed for employment of some additional staff to look after and deal with the cases of the company for expeditious disposal. It is brought on record that the company has got enough funds in addition to its income by way of interest on the amount deposited with the bank, which runs in few crores of rupees.

(3.) RULE 308 of the Companies (Court) Rules, 1959, empowers this court to grant permission to Official Liquidator for engaging the services of additional or special service staff to deal with the work of any company in liquidation, if it is considered by this court to be necessary to do so. It is under this rule the Official Liquidator has made this prayer by way of this report.