Rajasthan High Court - Jodhpur
M/S Shikhar Polytex Ltd vs None on 7 March, 2018
Author: Sangeet Lodha
Bench: Sangeet Lodha
HIGH COURT OF JUDICATURE FOR RAJASTHAN AT
JODHPUR
S.B.CIVIL MISC. APPLICATION NO.2062/17
&
S.B.CIVIL MISC.APPLICATION NO.67/18
IN
S.B. Company Petition No. 2 / 1995
M/S. Shikhar Polytex Ltd
----Petitioner
_____________________________________________________
For Official Liquidator : Mr. Vikas Balia
Official Liquidator : Mr.Imran Ahmed Siddiqui
For RIICO & RFC : Mr.Rajat Arora
_____________________________________________________
HON'BLE MR. JUSTICE SANGEET LODHA
Order
07/03/2018
1. The Secured Creditor RIICO has preferred an application
(APPLC 2062/17) seeking permission to appropriate the amount
realised from the sale of plant & machinery as also the land and
buildings of the Company in liquidation towards the satisfaction of
approved claim of RIICO and RFC as settled by the Official
Liquidator for a sum of Rs.72,24,406/- and Rs.62,84,065/-
respectively after satisfaction of the expenses incurred quantified
at Rs.18,64,111/- incurred by the RIICO towards taking over and
sale of the assets of the Company in liquidation. By way of an
additional affidavit, the RIICO has furnished the details of the
(2 of 6)
[ COP-2/1995]
amount realised and interest accrued on the amount kept in
F.D.Rs. as under:
Sr. FDR Initial Value and Interest earned Total value upto Total value upto
No deposit date upto last Maturity last Maturity date next Maturity
date date
1. FDR-1 Rs.7,90,000/-, Rs.14,86,697.22/- Rs.22,76,697.22/- Rs.24,34,308.22/-
deposited on as on 13.08.2017 as on 13.08.2017 as on 13.08.2018
28.03.2002
2. FDR-2 Rs.2,71,436/- Rs.38,993/-as on Rs.3,10,429/- as Rs.3,34,860/- as
deposited on 05.07.2017 on 05.07.2017 on 13.08.2018
22.09.2015
3. FDR-3 Rs.1,24,00,000/-
deposited on
20.10.2016
Later splited into
Part-1: Rs.7,23,529/- as Rs.93,01,498/- as Rs.96,13,096/- as
Rs.9000000/- on 24.10.2017 on 24.10.2017 on 28.04.2018
Part-2:
Rs.38,22,031/- Rs.1,27,334/- as Rs.39,49,365/- as Rs.40,80,941/- as
on 24.10.2017 on 24.10.2017 on 27.04.2018
2. The Official Liquidator attached to this court has preferred an
application (APPL 67/18) for declaration of Dividend pursuant to
Rule 275/276 read with Rule 9 of the Companies (Court ) Rules,
1959 ( for short "the Rules").
3. In response to the publication/notices, the Official Liquidator
is alleged to have received the claims from the Creditors of the
Company in liquidation as under:-
Sl. Name & Address of Particulars of Amount Amount Whether admitted as
No. Creditors debt claimed Admitted preferential
(In Rs.)
(In Rs.)
1. EPFO Commissioner, PF Dues 2,15,417/- 1,22,159/- Ordinary Claim U/s.
(3 of 6)
[ COP-2/1995]
130, Paschim Pal Vistar 530(1)(f)
Yojna, Jodhpur
93,258/- Ordinary Claim U/s. 530.
Considered as an
overriding claim as per
Hon'ble Supreme Court
Judgment
2. RIICO, Udyog Bhawan, Secured Loan 72,24,406/- 72,24,406/- Preferential Claim U/s.
Tilak Marg, Jaipur. 529
First charge holder
3. RFC, Udyog Bhawan, Secured Loan 63,03,043/- 62,84,065/- Secured Claim U/s. 529
Tilak Marg, Jaipur.
First charge holder
4. State Bank of Bikaner Secured Loan 97,77,614/- 46,59,796/- Preferential Claim U/s.
and Jaipur, (now SBI) 529
SP/2A, Suravi House,
Second charge holder
Second Floor, Behind
Institute of Local
Bodies, Gandhi Nagar,
Tonk Road, Jaipur.
5. Commercial Taxes Govt. Claim 16,98,995/- 9,22,732/- Preferential Claim U/s.
Officer, Circle, Sirohi. 529
Ordinary Claim U/s. 530
6,58,888/-
6. Central Excise Division Govt. Claim 19,49,168/- 9,56,779/- Ordinary Claim U/s. 530
C-1-A, Panchwati
Colony, Ratanada,
Jodhpur
7. Jodhpur Vidyut Vitran Electricity 4,20,366/- 2,63,132/- Ordinary Claim U/s. 530
Nigam Limited, Old Charges
Power House, Gandhi
Nagar, Abu Road,
Sirohi 307026.
Total Rs.
2,11,85,215/-
4. It is stated that out of above three Secured Creditors RIICO
& RFC are having pari passu first charges over the plant &
machinery and land & building of Company in liquidation and the
claim of the SBBJ (now SBI) has been admitted on second charge
bases. It is stated that in addition to the above claim, RIICO &
(4 of 6)
[ COP-2/1995]
RFC, an amount of Rs.18,64,111/- has been claimed by the RIICO
as expenses incurred which has been verified by the Official
Liquidator. Thus, according to the Official Liquidator the total
amount payable to RIICO & RFC comes to as under:
(i) Liquidation Expenses - Rs.18,64,111/-
(ii) Amount Payable to RIICO - Rs.72,24,406/-
(iii) Amount Payable to RFC - Rs.62,84,065/-
--------------------------------
Total Rs. 1,53,72,582/-
-------------------------------
5. It is stated that as per the application filed by the RIICO, the total amount of sale proceed of Land & Building and Plant & Machinery of M/s. Shikhar Polytex Ltd. (in liquidation) kept in FDR has face value of Rs.1,54,09,157/- and the maturity value of Rs.1,60, 20, 051/- and thus, the total amount available for declaration as Dividend is Rs. 1,60,20,051/-.
6. The Official Liquidator has proposed the declaration of Dividend to the Secured Creditors and liquidation expenses as follows:-
Provident Fund dues - Rs.2,15,417/-
Expenses incurred by RIICO
(after winding up ) - Rs.18,64,111/-
RIICO - Rs.72,24,406/-
RFC - Rs.62,84,065/-
------------------------
Sub Total - Rs.1,55,87,999/-
Liquidation Expenses (OL) - Rs.4,32,052/-
--------------------
Grand Total - Rs.1,60,20,051/-
(5 of 6)
[ COP-2/1995]
Accordingly, it is prayed on behalf of the Official Liquidator to declare dividend @ 100% to the Secured Creditors RIICO & RFC. It is prayed that since the RIICO is already having the funds kept in the FDR, it may be permitted to appropriate the admitted amount Rs.72,24,406/- plus Rs.18,64,111/- on account of liquidation. It is prayed that an amount of Rs.62,84,065/- may be paid to RFC and the balance amount of Rs.6,47,469/- amounting to Provident Fund dues of Rs.2,15,417/- and Rs.4,32,052/- for further liquidation expenses may be transferred to the Official Liquidator. The Official Liquidator has proposed to open Dividend Account of the Company in liquidation with the Punjab National Bank, Nehru Place, Tonk Road, Jaipur. The Official Liquidator has further prayed for dispensing with the requirement of publication of notices and instead sending the notices individually by registered post to all Creditors.
7. Having considered the submissions of the RIICO and the Official Liquidator, this court considered appropriate to sanction the disbursement of the dividend as proposed by the Official Liquidator.
8. Accordingly, the declaration of dividend to be disbursed to the creditors as per the claims adjudicated, details whereof is set out in para no.14 of the application preferred by the Official Liquidator, as proposed, is sanctioned. The RIICO shall be at liberty to appropriate an amount of Rs.72,24,406/- towards its dues and Rs.18,64,111/- towards the expenses incurred. An amount of Rs.62,84,065/- shall be paid to the Rajasthan Financial (6 of 6) [ COP-2/1995] Corporation. The balance amount of Rs.6,47,469/- and further interest accrued on the deposited amount, if any, shall be transferred to the Official Liquidator, who is permitted to open Dividend Account of the Company in liquidation, in the Punjab National Bank (PNB), Nehru Place, Tonk Road, Jaipur as proposed. After the transfer of the amount as aforesaid, the Official Liquidator is permitted to make payment of dividend of Rs.2,15,417/- to the Provident Fund Department through Cheque RTGS/NEFT mode. The remaining amount not immediately needed for further expenses shall be kept in FDR. The requirement of publication of notice of declaration of dividend by way of advertisement in the newspaper is dispensed with. However, the Official Liquidator is directed to serve the notice in terms of provisions of Rule 276 of the Rules, to every person whose name appear in the list of creditors as on the date, by way of registered AD post.
9. The Company Applications No.2062/17 and 67/18 stand disposed of accordingly.
(SANGEET LODHA)J. Aditya/