IFCL LTD. Vs. PUNJAB WIRELESS SYSTEMS LIMITED

JUDGEMENT

(1.) THE sole question involved in the present application is whether secured creditor can ask for interim disbursement of part of his claim pending adjudication of its claim alongwith other secured creditors and workmen in terms of Section 529 -A and 530 of Companies Act read with Rules 147 to 179 of the Companies (Court) Rules, 1959.

(2.) FOLLOWING are the admitted facts of the case:

(3.) THE application, however, has been seriously resisted by the Official Liquidator in the written statement filed and during the course of the arguments. It is contended that interim disbursement is impermissible. The sale proceeds are to be distributed amongst the creditors, workmen etc. in accordance with the procedure prescribed under Rules 147 to 179 of the Companies (Court) Rules. It is further stated that the claims have to be adjudicated and the same have to be scrutinized by the Chartered Accountant to be appointed with the sanction of the Company Court and claims can only be disbursed on pro rata basis on final adjudication and not on piece meal basis.