State Bank Of India vs The Official Liquidator Of on 11 October, 2012

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Karnataka High Court

State Bank Of India vs The Official Liquidator Of on 11 October, 2012

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.1133/2012
BETWEEN:

State Bank of India,
A body corporate Constituted under
The State Bank of India Act, 1955, and
Having its Central Office
At Madam Cama Road, Mumbai-400021,
And having among others a branch at
State Bank of India,
Stressed Assets Management Branch
No.61, 4th Floor, Residency Plaza,
Residency Road,
Bangalore represented by its
Chief Manager)                        ... APPLICANT

(BY SRI DEEPAK, ADV.)

AND

The Official Liquidator of
M/s Gangavathi Sugar Mills Ltd.,( liqn)
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
                                2




Official Liquidator to distribute the sale proceedings on
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. Applicant is the State Bank of India-secured creditor. This application is filed seeking permission to direct the Official Liquidator for making payment of Rs.5,00,00,000/- to the secured creditor.

3. Official Liquidator seeks permission of this court to pay the amount of Rs. 5,00,00,000 to the SBI- secured creditor.

4. I have heard the Official Liquidator. 3

5. 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 as interim measure 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 same shall be refunded with interest to the Official Liquidator. Accordingly, C.A.1133/2012 is allowed.

Sd/-

JUDGE Rms

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Karnataka High Court