Madhya Pradesh High Court
In Ref.M/S Tri Star Soya Products Ltd. vs Ref.Received From Bifr, New Delhi on 3 January, 2023
Author: Subodh Abhyankar
Bench: Subodh Abhyankar
IN THE HIGH COURT OF MADHYA PRADESH
AT INDORE
COMP No. 11 of 2003
(IN REF.M/S TRI STAR SOYA PRODUCTS LTD. Vs REF.RECEIVED FROM BIFR, NEW DELHI)
Dated : 03-01-2023
Shri D.S. Panwar, learned counsel for the workmen.
Shri H.Y. Mehta, learned counsel for the OL along with Official
Liquidator.
_________________________________________________________
Heard on OLR No.28/2019 which is an application filed by the
Official Liquidator seeking the following reliefs :-
"In view of the submissions made herein above, the Official
Liquidator most respectfully prays before Your Lordship that:
i) Report of the Official Liquidator may kindly be perused and
taken on record.
ii) In terms of submissions made in para no. 6 of this report, the
calculation of interest done by this office, may kindly be
approved and permission may kindly be granted to the Official
Liquidator to release payment of Dividend amount of Rs.
4,54,919/- to 162 nos. Of ex-workmen of the company (in-
liqn.), towards interest calculated @ 4% on monthly basis, on
their salary dues, considered under section 529A of the
Companies Act, 1956, from the date of non-payment of salary
to individual ex-workmen by ex-management of the company
(in-liqn.) till the date of winding up order/date of leaving of
service by ex-workmen/date of death of ex-workmen,
whichever is earlier, after submission of their KYC and
banking account details. In this regard, Official Liquidator may
kindly be permitted to open separate Dividend account, as
provided under Rule 290 of The Companies (Court) Rules,
1959, in nationalized bank viz. "IDBI Bank", Indore for
payment of Dividend amount to the ex-workmen of the
company (in-liqn.).
Signature Not Verified
Signed by: KHEMRAJ JOSHI
Signing time: 03-01-2023
17:38:25
iii) In terms of submissions made in para no. 8 of this report,
permission may kindly be granted to the Official Liquidator to
release payment of Dividend amount of Rs. 70 Lakhs to the
following two nos. Of secured creditors (2nd charge holder) of
the company (in-liqn.) from the Dividend account to be
opened in IDBI Bank Ltd., Indore, by transferring the
Dividend amount into their bank accounts by debiting
Dividend account of the company (in-liqn.) through Electronic
Clearing System (ECS) mode and after submission of requisite
undertaking and banking account details, as under:
Sl. Details of Secured Amount of Proposed Dividend
No. Creditor (2nd charge Admitted Secured @ 2.774109348%
holders) claim (Rs.)
1.Assets Reconstruction Rs. 8,87,13,848/- Rs. 24,61,019/-
Company (India) Ltd., Mumbai
2. Punjab National Bank, Rs. 16,36,19,392/- Rs. 45,38,981/- Mumbai Grand Total Rs. 25,23,33,240/- Rs. 70,00,000/-
iv) In terms of submissions made in para no. 9 of this report, permission may also be granted to the Official Liquidator for publication of notice for declaration of Dividend as contemplated under Rule 276 of The Companies (Court) Rules, 1959, in newspaper viz. Dainik Bhaskar (Ujjain & Indore Edition), if permitted by this Hon'ble High Court as prayed in para 6 & 8 of this report. Further, permission may also be granted to incur the expenses of publication, out of funds available in the accounts of company (in-liqn.) And Such other order(s) as this Hon'ble Court deem fit and proper may kindly be passed in the circumstances of the case."
Shri H.Y. Mehta, learned counsel appearing for the OL has drawn the attention of this Court to the order dated 02/11/2018 wherein, this Court has held that the workmen of the company are entitled to 4% interest on their entitlement. Thus, it is submitted that since the dispute regarding the interest has already been resolved by this Court, OLR Signature Not Verified Signed by: KHEMRAJ JOSHI Signing time: 03-01-2023 17:38:25 No.28/2019 may be allowed and the Official Liquidator may be permitted to disburse the amount of interest as the principal amount has already been paid to the workmen.
Learned counsel appearing for the workmen has submitted that the OL has not calculated the interest amount in accordance with law and in- fact the amount which has been arrived at by the OL is on lower side and thus, he would also like to file his objections on behalf of the workmen.
Be that as it may, since the dispute regarding the rate of interest has already been resolved by this Court, this Court does not find any impediment in allowing this OLR. Thus, the aforesaid reliefs sought by the Official Liquidator in OLR No.28/2019 are hereby allowed and it is also directed that the workmen shall be entitled to file their objections separately regarding the calculation of the amount.
With the aforesaid observation, OLR No.28/2019 is allowed and disposed of.
The Official Liquidator is also directed to file the compliance report within 4 weeks time.
In the light of this order, IA No.3069/2022, which is an application for urgent hearing is allowed.
So far as IA No.8398/2022 is concerned, this application is filed by one Ishant Advertising through its Proprietor Ankush Singhal of Gwalior seeking the following relief:-
"i) That present application may kindly be allowed and appropriate direction be issued for release of publication charges of Rs. 3,31,884/- to the Applicant.
ii) Such other orders as deemed fit and proper may also be passed in the facts and circumstance of the case."Signature Not Verified Signed by: KHEMRAJ JOSHI Signing time: 03-01-2023 17:38:25
In the aforesaid application, the applicant is claiming the aforesaid sum on account of paper publication of auction sale notice which were published on 01/07/2020 in Dainik Bhaskar of M.P. edition and Economic Times of all India edition, the bills have also been annexed with details.
The application is not opposed by the OL.
In view of the same, IA No.8398/2022 is allowed and the OL is also directed to remit the amount after verification so claimed by the applicant within 4 weeks time.
Let the matter be listed on 14/02/2023.
(SUBODH ABHYANKAR) JUDGE krjoshi Signature Not Verified Signed by: KHEMRAJ JOSHI Signing time: 03-01-2023 17:38:25