UNIKOL BOTTLERS LTD. Vs. KOTAK MAHINDRA BANK

JUDGEMENT

(1.) INSTANT company application under Sec. 446(d) of the Companies Act. 1956 read with Rule 9 of the Companies (Court) Rules, 1959 came to be filed by the Official Liquidator assailing recovery certificate dt. 21.12.2005 (Annx. A/2) primarily on the premise that once the company has come into liquidation the recovery officer, Debts Recovery Tribunal, was not competent to initiate recovery proceedings and that being so such recovery proceedings carried out by the recovery officer are not in conformity with the provisions of the Companies Act. In addition to it the plea further raised by the counsel for applicant (OL) was that the claim of workmen which have overriding effect their claims have to be settled on priority basis U/s 529 -A of the Companies Act and if the money being disbursed by the recovery officer to the secured creditors the claim of the workmen which was yet to be considered & settled will be affected. this Court while issuing notice of the instant company application vide order dt. 26.10.2007 restrained the respondents -7 & 8 to disburse the sale proceeds pursuant to the recovery certificate dt. 21.12.2005 (Annx. A/2). However, at later stage this Court vide order dt. 21.10.2010 granted liberty to the Official Liquidator for inviting claims of the workmen and pursuant thereto the Official Liquidator invited claims of the workmen of the company in liquidation but it has been informed that no claim of any workman came up for consideration to the Official Liquidator as referred to by the Official Liquidator in their S.B. Company Application -21/2012 and that came to be decided vide order dt. 31.05.2012. Since no claim of workman came forward and the money appears to have been disbursed in terms of recovery certificate dt. 21.12.2005 (Annx. A/2), on account of these change in circumstances the question which has been posed for consideration in the light of facts and circumstances has become academic and this Court considers it appropriate to leave open to be considered in the appropriate case. However, taking note of the change in circumstances, referred to supra, the instant company application stands disposed of and the recovery officer may proceed in terms of recovery certificate dt. 21.12.2005 in accordance with law.