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8. The Court appointed a firm of Chartered Accountants for verifying the statement of accounts submitted by CBL. It was noticed that after taking possession of the factory premises, two manufacturing lines, i.e., lines No.5 and 6, had been dismantled and taken by CBL to its factory in Sri Lanka. One of the issues that arose was what direction should be issued in respect of lines 5 and 6. The second issue was whether CBL was entitled to interest, and if so, at what rate.

9. By a detailed order dated 20th December 2010, this Court decided the first issue on the basis of the valuation undertaken by ITCOT Consultancy and Services Ltd., Chennai ('ITCOT'). However, the issue was not further examined since during the course of hearing CBL agreed that the entire plant and machinery, including lines 5 and 6, would be brought back and made operational by CBL at its cost and expense. The Court then ordered that this should be done under the supervision of an expert and further that till such time the plant and equipment including lines 5 and 6 were certified to have been properly installed, a sum of Rs. 4 crores would remain with the Court and kept in a Fixed Deposit ('FD'). The said amount was to be refunded to CBL "after the expert has certified that the plant and equipment, including lines 5 and 6, have been installed and made operational."

12. The Court noted that the primary concern of the Company Court was (i) to secure and ensure payment to the creditors on best possible terms and (ii) to get a fair deal for the workers both with regard to the past arrears and future employment. With the above observations, the applications were disposed of.

Applications by CBL, BIPL and PSPC

13. CBL filed Co. App. 1156 of 2012 on 29th May 2012, seeking the appointment of an expert for carrying out the inspection of Lines 5 and 6 and other equipments that had been installed in the factory premises and permit CBL to handover possession of the property along with all the plant and machinery, equipment and furniture and fixtures after such certification from an expert and direct refund of a sum of Rs. 8,18,02,491.65, being the amount due to it, as set out in Annexure-E to the application. Replies to the said application have been filed by BIPL as well as SICOM. In the reply filed by SICOM it is only stated the equipment stated to have been reinstalled should be inspected by ITCOT which was appointed as an expert by this Court by an order dated 3rd October 2008. The OL has filed a reply on the same lines. It is stated that in terms of the order passed by this Court on 20th December 2012, CBL/BIPL would be liable to pay the statutory dues and liabilities for the period till the factory was in operation i.e. 15th September 2008 and workers' dues till CBL leaves the premises. The OL's stand is that the expenditure of the expert's fees and insurance of plant and machinery for a sum of Rs. 15 lakhs should not be asked to be borne by the OL.

Past dues of ITCOT

32. An issue has been raised by Mr. Bahl as regards the arrears of fees payable to ITCOT for the earlier valuation done by it and according to him, a sum of Rs. 3,35,209, constituting the CBL shares of the said dues, should be directed to be paid by CBL. He further refers to an order dated 13th April 2009 passed by the Company Judge.

33. In response, it is submitted by Mr. Sundaram that the order dated 30th April 2009 was appealed against by CBL in Co. App. No. 20 of 2009 in which an order was passed on 16th September 2009 by the DB, stating that the Company Judge should first dispose of CA No.900 of 2008 and "other issues may be considered after the disposal of this application." Subsequently, the Company Judge disposed of CA No.900 of 2008 filed by CBL by a detailed order dated 20th December 2010. CA No.900 of 2008 was filed by CBL soon after the judgment of the Supreme Court seeking return of the sum of Rs. 12.5 crore paid by it. Notice was issued on the said application on 15th September 2008 by the Company Judge. On 1st October 2008, the Company Judge took note of the directions of the Supreme Court and on 3rd October 2008 ITCOT was appointed as a Valuer. In the circumstances, the stand of CBL, throughout, has been that it cannot be made liable for the fees of the Valuer, which exercise which had anyway to be carried out pursuant to the directions of the Supreme Court.

(iii) CBL is permitted to take back such office equipment and furniture that may belong to it. If there is any dispute as to any office equipment and furniture which CBL claims belonging to it, then the OL will seek directions from this Court before handing over such office equipment and furniture to CBL.

(iv) ITCOT is appointed as a Valuer and its representatives will remain present at the factory premises on 21st January 2013 and any further dates that it might require, subject to the orders of the OL, to make a complete inventory of the plant and machinery. ITCOT will submit a comprehensive valuation report of the land, plant and machinery to the OL within a period of six weeks from today. The fees of ITCOT is tentatively fixed at Rs. 2,00,000 will be paid which will be paid by the secured creditors, i.e., SICOM, IFCI and IDBI. 50% of the fees will be paid within four weeks and the balance on submission of the valuation report. Any further sum will be paid by the said secured creditors as and when the final bill is received from the Valuer.