Gujarat High Court
Gujarat Industrial Investment ... vs Official Liquidator Of Jalan Forgings ... on 12 March, 2018
Author: C.L. Soni
Bench: C.L. Soni
C/COMA/485/2009 IA ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
OLR/1/2015
IN
COMPANY APPLICATION NO. 485 of 2009
In
COMPANY PETITION NO. 1 of 2003
==========================================================
GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD Versus OFFICIAL LIQUIDATOR OF JALAN FORGINGS LTD ========================================================== Appearance:
MR JEET J BHATT for the PETITIONER(s) No. MR HS MUNSHAW for the RESPONDENT(s) No. ========================================================== CORAM: HONOURABLE MR.JUSTICE C.L. SONI Date : 12/03/2018 IA ORDER
1. Present report is filed seeking following directions in para 24 thereof:-
(A) This Hon'ble Court may be directed GIIC and GSFC to submit their say with regards to working of ratio of disbursement amongst themselves worked out by Chartered Accountants on the basis of Memorandum of confirmation of pari passu agreement dated 13.12.1995 executed between GIIC and GSFC vis-a-vis ratio proposed by GIIC vide its letter dated 07.10.2011.
(B) This Hon'ble Court may be pleased to direct the Official Liquidator to disburse the amount amongst GIIC and GSFC after taking into consideration the facts and circumstances as regards to pendency of SLP and after considering the same if the Hon'ble Court think fit, just and proper then be pleased to make an order on the basis of ratio which may accepted by secured creditors of the company in liquidation on condition that they will file usual undertaking specifically incorporating therein that in event of Hon'ble Supreme Court of India, rejected the Special Leave to Appeal (Civil) No.28150 of 2014 preferred by M/s. Agrawal Mital Concast Pvt. Ltd. and due to this rejection, if the Official Liquidator has to refund the same consideration to M/s. Agrawal Mital Concast Pvt. Ltd., they shall immediately refund the amount along-with interest at prevailing rate in case any order received from the Official Liquidator within seven days of such letter from the Official Liquidator without any demur.
Page 1 of 3 C/COMA/485/2009 IA ORDER
AND/OR
(B) This Hon'ble Court may be pleased to defer the issue/
prayers of disbursement as made in para 24(B) above till final disposal of SLP No.28150 of 2014, which is pending before the Hon'ble Supreme Court of in India with all consequential and incidental orders in this regard.
(C) This report is submitted for such orders and directions as this Hon'ble Court may consider just and appropriate may also be passed.
2. On behalf of respondent No.1, Affidavit-in-Reply dated 6.10.2015 is filed. However, pending the consideration of the present report, the Official Liquidator has filed further report dated 26.10.2017 seeking disbursement of an amount of Rs.2,30,000/- to the Employees' Provident Fund Organization as claimed by it as per the order dated 19.9.2017 passed by the Assistant Provident Fund Commissioner, Regional Office, Vadodara for levying the damages of the said amount under Section 14-B of the Employees' Provident Fund & Miscellaneous Provisions Act, 1952 ('the Act'). Such disbursement is sought by the Official Liquidator in view of the decision of Hon'ble Supreme Court in the case of Employees Provident Fund Commissioner Vs. Official Liquidator of Esskay Pharmaceuticals Limited reported in (2011)10 SCC 727.
3. Last time, when the present report was taken up for consideration to consider the prayer made for disbursement to the Provident Fund Organization, since learned advocate Mr. R.D. Dave appearing for respondent No.2 and learned advocate Mr. Bharat Jani appearing for respondent No.3 were not available, the report was adjourned to today. Today, learned advocate Mr. Munshaw for the respondent No.1 is present. The Court finds that as stated in para 23 of the present report, the Official Liquidator was having fund of Rs.6,13,87,896/- as on 30.6.2015. There is no other report stating that any amount was spent from the said amount. So far as the Provident Fund Organization is concerned, the disbursement sought Page 2 of 3 C/COMA/485/2009 IA ORDER for by the Official Liquidator is only of Rs.2,30,000/-.
4. In view of the above and in light of the decision of Hon'ble Supreme Court in the case of Employees Provident Fund Commissioner (supra), since the Provident Fund Organization shall have top priority for disbursement from the amount lying in the account of the company in liquidation, the Official Liquidator could be permitted to disburse the amount of Rs.2,30,000/- to the Provident Fund Organization on the basis of the order dated 19.9.2017 passed by the Assistant Provident Commissioner under Section 14-B of the Act pending the consideration of the present report.
5. In view of the above, the Official Liquidator is permitted to disburse Rs.2,30,000/- to the Employees' Provident Fund Organization. Let the present report receive consideration on 22nd March 2018.
(C.L. SONI, J) OMKAR Page 3 of 3