Delhi High Court - Orders
Deutsche Trustee Company Ltd vs Tulip Telecom Ltd on 14 October, 2022
Author: Navin Chawla
Bench: Navin Chawla
$~12 (Company)
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.PET. 329/2013
DEUTSCHE TRUSTEE COMPANY LTD
..... Petitioner
Through:
versus
TULIP TELECOM LTD.
..... Respondent
Through: Mr.Shubhendu Bhattacharyya, Adv.
for Mr.Kunal Sharma, Adv. for OL.
CORAM:
HON'BLE MR. JUSTICE NAVIN CHAWLA
ORDER
% 14.10.2022 CO.APPL. 613/2022
1. By this application, the applicant prays for an early hearing of the application, being CO.APPL.384/2022. With the consent of the learned counsel for the Official Liquidator, the application is allowed and the CO.APPL.384/2022 is taken up for hearing today.
CO.APPL.384/20222. The learned counsel for the applicant submits that an amount of Rs.1,86,00,927.15 stands admitted by the Official Liquidator to be payable to the applicant. Placing reliance on the order dated 06.11.2020, he submits that, in fact, 1/3rd of the said amount was directed to be released to the applicant, keeping in view the Covid-19 pandemic. He submits that as Covid-19 has since subsided, the balance amount should be released to the applicant.
3. On the other hand, the learned counsel for the Official Liquidator Signature Not Verified Digitally Signed By:SHALOO BATRA Signing Date:17.10.2022 17:29:01 submits that due to crunch of funds, the entire amount cannot be released at present. He submits that he, however, has instructions that 50% of the balance amount can be released to the applicant at this present stage.
4. Accordingly, for the present, it is directed that the 50% of the balance amount be released in favour of the applicant within a period of one week from today from the common pool fund maintained by the Official Liquidator, to be adjusted against the respective companies.
5. Relist on 15th December, 2022.
NAVIN CHAWLA, J OCTOBER 14, 2022/rv Signature Not Verified Digitally Signed By:SHALOO BATRA Signing Date:17.10.2022 17:29:01