IFCI LTD Vs. OL

JUDGEMENT

(1.) Mr. KJ Mehta appearing for secured creditor (IFCI) submits that order of winding of M/s. Rathi Alloys & Steel Ltd. was passed on 24.8.2001 and official liquidator was appointed for conducting winding up proceedings.

(2.) Earlier on application filed by the official liquidator u/R. 275 of the Company Court Rules, 1959 seeking permission for making payment of interim dividend to secured creditor no. 164/2010, this Court vide order dt. 9.12.2010 granted permission to the official liquidator to disburse Rupees thirty Two Crore as interim payment of dividend to secured creditors against their admitted claims and pursuant to the order of the Court it has been distributed by the official liquidator.

(3.) Counsel for applicant submits that dividend to the extent of Rs.25,12,40,000/- is still lying with the official liquidator after settling claims of such of the workmen claimants who also have a preferential claim u/S. 529A of the Co. Act may be part with.