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B.I.F.R. v. M/S Alfa Castings Ltd. Kanpur U.P. - MISC. COMPANY APPLICATION No. - 6 of 2002  RD-AH 16017 (26 September 2007)
HIGH COURT OF JUDICATURE AT ALLAHABAD
Court No. 30
MISC. COMPANY APPLICATION NO. 6 OF 2002
In the matter of
M/s Alfa Castings (P) Ltd. (In liquidation)
Hon'ble Sunil Ambwani, J.
Present Shri A.K. Misra for Official Liquidator; Shri B.K.L. Srivastava, Official Liquidator; and Shri Ashish Pratap Singh for Punjab National Bank.
The company (in liquidation) was wound up on 27.1.2003. The assets taken in possession were valued and were put to sale. After several advertisements the assets namely Plot No. B-8, Industrial Estate Area, Phase-I, Orai, District Jalaun were put to sale. The total amount realised by the Official Liquidator from the sale of the assets of the company was Rs. 48, 36,000/- and after deducting liquidation expenses of Rs. 9, 20, 719/- and after adding the interest on FDR the amount available for distribution to the creditors and workers is only Rs. 46,00,000/-.
The Official Liquidator reports that he had advertised the invitation of the proof of debts. He has not received any claims from the workman. He has received four claims from creditors, details of which are given as follows:-
Punjab National Bank
Rs. 1, 33, 15, 131.73
Dakshinanchal Vidyut Vitran Nigam Ltd
Asstt. Commissioner of Income Tax, Kanpur
Rs. 52, 30, 539.00
Asstt. Commissioner of Central Excise Jhansi
Rs. 91, 59,046.00
Out of aforesaid the Punjab National Bank is the only secured creditor. As per 'Statement of Affairs' filed by the company (in liquidation) the amount due to the Punjab National Bank as secured creditor is Rs. 78.74 lacs. The Punjab National Bank has submitted copy of the charge certificate registered in its favour which has revealed that the charges of Rs. 90 lacs and Rs. 27 lacs was registered under Section 125 of the Companies Act 1956 with the office of Registrar of Companies on 28.4.1999. The other three creditors are not secured creditors and thus their dues will be treated to fall under Section 530 of Companies Act 1956.
In the aforesaid manner, the amount available for distribution i.e. Rs.46 lacs has to be declared as dividend in favour of Punjab National Bank.
Let notices be sent to the creditors other than the Punjab National Bank regarding rejection of their claims.
The Punjab National Bank has requested for declaration of interim dividend. It is submitted by learned counsel for Punjab National Bank that half yearly closing of the bank is going to end on 30th September, 2007 and that the Punjab National Bank will give an undertaking by way of affidavit of Deputy Manager, Punjab National Bank, Branch A.R.M.B. Kanpur that in case of any variance in dividend, the entire amount received as interim dividend shall be made available to the Official Liquidator. Let the Official Liquidator pay to the Punjab National Bank 75% of the proposed dividend as interim dividend, subject to declaration of final dividend, after obtaining undertaking from the Punjab National Bank. The amount shall be paid as soon as the affidavit of undertakings is received.
The notice be sent to other creditors within one week. Put up this matter for orders on declaration of final dividend on 31.10.2007 in chambers. The Official Liquidator will also supply details of the liquidation expenses along with the next report.
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