Karnataka High Court
State Bank Of Hyderabad vs The Official Liquidator Of on 11 October, 2012
Author: L.Narayana Swamy
Bench: L. Narayana Swamy
1
IN THE HIGH COURT OF KARNATAKA AT BANGALORE
DATED THIS THE 11TH DAY OF OCTOBER 2012
BEFORE
THE HON'BLE MR. JUSTICE L. NARAYANA SWAMY
COMPANY APPLICATION NO.1228/2012
BETWEEN:
State Bank of Hyderabad
An Associate of State Bank of India,
Incorporated in terms of
The provisions of State Bank of India
(Subsidiary Banks) Act, 1959,
having its branch Office at No.85,
Richmond Road, Sherieff House I Floor,
Bangalore-560 025
And represented by its Manager. ... APPLICANT
(BY SRI DEEPAK, ADV.)
AND
The Official Liquidator of
M/s Gangavathi Sugar Mills Ltd.,(in liq)
Attached to High Court of Karnataka,
12th Floor, Raheja Towers, M.G.Road,
Bangalore.
... RESPONDENT
(BY SRI K.S.MAHADEVAN AND V. JAYARAM, ADVS.,)
This application is filed under Rule 9 of the
Companies (Court) Rules, 1959, praying to direct the
Official Liquidator to distribute the sale proceedings on
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ad hoc/interim basis that is lying with the Official
Liquidator.
This application coming on for orders this day, the
court made the following:
ORDER
This application filed under Rule 9 of the Companies (Court) Rules 1959 seeking for a direction to the Official Liquidator to distribute the sale proceeds on adhoc/interim basis that is lying with the Official Liquidator.
2. I have heard the learned counsel appearing for both sides.
3. I have gone through the statement contained in the application, the same is accepted. The Official Liquidator is directed to pay Rs.5,00,00,000/- to the applicant and it is further directed to the official liquidator to take an undertaking from the secured creditor to the effect that if excess amount is paid, the 3 same shall be refunded with interest to the Official Liquidator. Accordingly C.A.1228/2012 is allowed.
Sd/-
JUDGE Rms