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104. A perusal of the provisions of the said MPID Act clearly indicates that the competent authority or the MPID Court as the case may be cannot adjudicate upon the claims if any, made by the secured or other unsecured creditors, workmen or other preferential creditors referred in section 530 of the Companies Act, 1956. The provisions of the said MPID Act are meant for the benefit and protection of only the depositors who have deposited the amounts within the meaning of section 2(c) of the said MPID Act and not for the benefit and protection of other investors and creditors of the financial establishment defined under section 2(d) of the said MPID Act. On the other hand the company court is empowered to deal with the claims in respect of all the secured or unsecured creditors preferential creditors, contributories and also the depositors which would include the depositors who had made various deposits with the aforesaid companies in liquidation. It is a matter of record that a large number of such depositors have also lodged their claims with the Official Liquidator which are adjudicated upon by the Official Liquidator.

107. On the other hand the Official Liquidator has not made any olr126-13g claim as on date in respect of the properties of the directors and agent of the company in liquidation which are attached by the State Government by issuing notification under section 4(1) of the MPID Act. The depositors who have lodged their claims with the authority under the MPID Act and also lodged their claims with the Official Liquidator, they may also receive some amount after payment of all the other secured and preferential creditors are made by the Official Liquidator under the provisions of the Companies Act, 1956. In my view, such depositors cannot be placed on higher pedestal over the secured and preferential creditors under the provisions of the Companies Act, 1956. This court thus cannot accept the interpretation of the learned A.G.P. that the company court has no power to pass any order in respect of those properties standing in the name of the companies in liquidation which are attached by the State Government by issuing notification under section 4(1) of the MPID Act or that the provisions of the MPID Act would have over-riding effect over the provisions of the Companies Act, 1956.

113. A perusal of the affidavit dated 2nd May, 2013 filed by the Police Inspector, Economic Offence Wing, Crime Branch, Mumbai in OLR NO.126 of 2013 clearly indicates that the said Department has no objection if this court directs that office to remit the said money to the Official Liquidator however on a condition that the claims of duped investors of the company M/s.City Limouzines (India) Ltd. to be olr126-13g settled on priority basis. In my view, no such condition could be imposed by the Economic Offence Wing while giving no objection to remit the money to the Official Liquidator if so directed by this court. The claims of all the creditors including secured creditors, preferential creditors and the investors/depositors against the companies in liquidation can be settled only in accordance with the provisions of the Companies Act, 1956. This court has already passed an order that no distribution of money so deposited with the Official Liquidator may be made without the leave of the court and if any other authority, depositors or creditors would raise the claim with the Economic Offence Wing, the said Economic Offence Wing will forward the same to the Official Liquidator after carrying out a preliminary enquiry.

128. In my view for the purpose of considering the claims of the secured and unsecured creditors, the preferential creditors and also the claims of the investors/depositors etc., the properties which are admittedly standing in the name of the companies in liquidation attached by the competent authority under the provisions of the MPID Act are required to be handed over to the Official Liquidator for the purpose of sale and physical control thereof. The competent authority is thus required to be issued an order and direction to handover the physical possession, custody and control of all such properties standing in the name of the aforesaid companies in liquidation which are attached by the competent authority under the provisions of the MPID Act to the Official Liquidator expeditiously.