Karnataka High Court
The Regional Provident Fund ... vs M/S Ramgopal Paper Mills Ltd on 20 April, 2012
Author: A.S.Bopanna
Bench: A.S.Bopanna
1 fl hUGH CCRJRT OF NAtA At BANGALORE DAD 'flUB W 20N DAY OF AWL 2012 BEFORE THE HORtE ML JUffltE A.S BOPANNA COMPANY A1CATION NO 2412012 at COMPANY F€ITflON NO 451 1 THE REGIONAL FIOVtDENT FUND COMWSBIONER 1 EflES WENt FUND ORGANION, nsimmm BIVAN, 1128, 2ND &AGE GAYATHRIRJRAM MYSORE 570 019.
-- .. APELICAJIT (BY SRI RAJE.SII SHEGAR ADV. FOR SRI hflRISHNA S. HOL)
MIS. RAMOOPAL PAWR flLS LIMD SINCE UNDER LIQU'flON, REPRESENThD BY OFFICL LIJAfl HIGH COURT OF KARNATAKA RAIJA TOWERS, MG ROAD, BAN (BY SRI K S MANADEVAN & VJAYARAM AD. FOR OL) a ThIS COANY APPlICATION FEED BY THE COUNSEL FOR TI APFUCAfl UNDER RULE 6 AND 9 OF THE COMPANY (COURT) RULES READ WifE! SflON 446 OF flS COMPANIES ACT, 1956, WANG THAT FOR flIE REASONS AflD TIREW 'flS HONtLE COUfl MAY BE HEASED TO DWECT THE OFFICML LIQUIDATOR TO PAY THE PRODENT FUND AMOUNT OUE TO THE APPLICANT AND GRANT SUCH 1R fl RELIEF AS MAY BE DEEM ru fl CWCUM'ANCES OF THE CASE; AND Et, TIUS APPlICATION COMG ON FOR ORDERS, THIS DAY, flEE COURT MADE THE FOLLOO ugh the baa ráed certain objecthna, which were nsaw be complird the Iana counsel hr applicant, considering nature of disposal of the application, the appltbn is taken up for consideration and disposed of W order
2. applicant lan, the Regional Provident FuM Commissioner is before this court seeking for a dfration to the Official liquidator to disburse sum of 3 R&3,83,595/-, which according to the applicant is due on account of the unpaid provident find due by the miw in liquidatin
3. In so far as the r*t to receive the said amount the Hon'ble Supren Court In the case of Mahanishfra State Co-operaff Bank Lt&, Vs Assistant Provident Fund Commissioner reported in 2009 (10) 8CC 123 has corakiered this aspect of matter and has held that the provident fund due would have preference over other payas 1 wh is contemplated under Section 529(A) of the Companies Act In t view of the matter, claim made by applicant harem would be sustainable. However, the question for considerathn is as to the and manner in which the amount slz,uld be nde
4. At this jurtire, it is brought to the notice of this Court by the Qamal Liquidator that in so far as the Inetant case is concemed the Official Liquidator baa not I' 4 yet na1ied any fbxzls and therekre yrt would not arise at this stage. Therefore, keeping this aspect in visw all that is to he clari&d in the instant applicatirn I that as and when the fbnds are realized by the Official Liquidator, the Official Liquidator will look into the claim putfbrth by the applicant herein and on adjudicating Ut sama, the to be made to the applicant would precede all other yrts. In Ut regard, It is made clear that it would ygt be app&able to the dividends which have already been dlarM, but to the dividends to be declared in flitura rekre, a dion is issued to the Official Liquidator to conser the case of the applicant as and when the finds are realized by the Official Liquidator and n preferential payments to the applicant to the extent of amount adjudicated by the Ofikial Liquidator as due to the Provident Fund A eI • )UP QFK '4K I " 3* I C C It ) 411 1 1 1')' eu. '4 1 t 11411 ' % I ciU) I, 0Th eli F