Gujarat High Court
Ol Of M/S Satnam Exports (India) Ltd. (In ... vs Gujarat Industrial Development ... on 14 March, 2022
Author: Bhargav D. Karia
Bench: Bhargav D. Karia
C/OLR/125/2021 ORDER DATED: 14/03/2022
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/OFFICIAL LIQUDATOR REPORT NO. 125 of 2021
In R/COMPANY PETITION NO. 277 of 1997
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OL OF M/S SATNAM EXPORTS (INDIA) LTD. (IN LIQN)
Versus
GUJARAT INDUSTRIAL DEVELOPMENT CORPORATION (GIDC)
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Appearance:
MR PATHIK M ACHARYA(3520) for the Applicant(s) No. 1
MR SATYAM Y CHHAYA(3242) for the Respondent(s) No. 1
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CORAM:HONOURABLE MR. JUSTICE BHARGAV D. KARIA
Date : 14/03/2022
ORAL ORDER
1. Heard learned advocate Mr. Parv C. Mehta for learned advocate Mr. Satyam Y Chhaya for the respondent.
2. By this application, the Official Liquidator has prayed for disbursement of Rs. 5,89,800/- to respondent-Gujarat Industrial Development Corporation (GIDC) as full and final payment against the dues of the company in liquidation as per the verification report of the Chartered Accountants from the funds available in the account of the company in liquidation.
3. M/s. Satnam Exports (India) Limited was ordered to be wound up by order dated 16 th January, 2001 passed by this Court in Company Petition No. Page 1 of 4 Downloaded on : Wed Mar 16 00:29:51 IST 2022 C/OLR/125/2021 ORDER DATED: 14/03/2022 277/1997. The Official Liquidator attached to this Court was appointed as Liquidator of the company. It was submitted by the Official Liquidator that all the assets and properties of the company in liquidation have been sold in terms of various orders passed by this Court and the amount of sale proceeds have been disbursed amongst the secured creditors and the workers of the company in liquidation under section 529 and 529A of the Companies Act, 1956 (For short "the Act, 1956") and disbursement is in process under section 530 of the Act, 1956 in terms of order dated 2nd July, 2015 passed by this Court in OLR No.12/2015.
4. The Official Liquidator by letters dated 27th October, 2020 and 14th October, 2020 requested the GIDC to submit the claim in Form No. 66 under the Companies (Court) Rules, 1959.
5. The respondent-GIDC filed its claim in Form No. 66 which was referred by the Official Liquidator along with letter dated 20th November, 2020 to the Chartered Accountants M/s. Shah Dinesh Dahyalal & Associates for examination and verification of the claim of GIDC.
6. The Official Liquidator received verification report dated 28th January, 2021 from the Chartered Accountants which was sent to GIDC by the Official Liquidator along with letter dated Page 2 of 4 Downloaded on : Wed Mar 16 00:29:51 IST 2022 C/OLR/125/2021 ORDER DATED: 14/03/2022 5th February, 2021.
7. GIDC vide letter dated 6th April, 2021 submitted the statement showing the details of its outstanding dues against the company in liquidation and thereafter, it was forwarded to the Chartered Accountants by the Official Liquidator by letter dated 13th April, 2021. The Chartered Accountants submitted verification report dated 31st May, 2021 for claim of the GIDC certifying the eligible claim of Rs. 5,89,800/- against total claim of Rs. 19,65,434/-.
8. Pursuant to the notice issued by this Court, GIDC has filed affidavit in reply stating as under :
"2. At the outset, | say and submit that the respondent corporation was asked to submit statement showing details of the outstanding dues against the company in liquidation namely M/s satnam exports (India) Ltd vide letter dated 14.10.2020. Thereafter, on 22.10.2020 GIDC has submitted it's claim in prescribed form as per the Companies (Court) Rules, 1959. It is submitted that upon receipt of the said claim, the official liquidator has appointed chartered accountant for the examination and verification of the claim of the respondent corporation. Now, as per the report of the Chartered Accountant dated 31.05.2021, which is produced at Page 16 (Annexure-F) of the captioned OL Report, against the total claim of Rs. 19,65,434/- inclusive of all the outstanding dues as on 19.10.2020, the Chartered Accountant has calculated the Outstanding dues of Rs 5,89,800/- till Page 3 of 4 Downloaded on : Wed Mar 16 00:29:51 IST 2022 C/OLR/125/2021 ORDER DATED: 14/03/2022 16.01.2001 i.e. till the date of winding up of the company in liquidation.
3. It is submitted that, even as per calculation of the outstanding dues as on 16.01.2001 i.e. till the date of winding up of the company, as per the record available with the respondent corporation, the total outstanding dues as on 16.01.2001 is 5,96,800/-. Copy of showing above-referred calculation is annexed herewith and marked as 'Annexure R-1' to this reply."
9. In view of the above facts stated on oath by GIDC, claim of GIDC is quantified at Rs.5,96,800/- instead of Rs. 5,89,800/- as verified by the Chartered Accountants and the Official Liquidator is directed to disburse the amount of Rs.5,96,800/- to the GIDC through RTGS/NEFT from the balance in the account of company in liquidation after obtaining requisite undertaking within a period of four weeks from today.
10. The Official Liquidator Report is accordingly disposed of.
(BHARGAV D. KARIA, J) RAGHUNATH R NAIR Page 4 of 4 Downloaded on : Wed Mar 16 00:29:51 IST 2022