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M/S G.B.Marketing Corporation Alld. v. Maya Agro Products Ltd.Alld. - COMPANY PETITION No. 52 of 2000  RD-AH 3838 (7 March 2007)
Hon'ble Sunil Ambwani, J.
Present Shri Anjani Kumar Misra for Official Liquidator. Shri B.K.L. Srivastava, Official Liquidator is also present.
He has submitted OL's report No. 61 of 2007 proposing dividend after re-settlement of the claims in the light of judgment of Supreme Court in SIDCO Leather's case.
The Official Liquidator has admitted the claims of the secured creditors and workmen under Section 529 and 259A of the Companies Act 1956 on pari passu basis and has declared dividend of 95.02 % to the secured creditors and 4.98% to the workmen to be distributed from amongst available funds of Rs. 2.32 crores.
The re-settlement of the dividend is prima facie in accordance with the judgment in SIDCO Leather's case.
Let the part rejection of claims be communicated to the secured creditors and workmen individually by registered post in accordance with the Rule 163 of the Companies (Court) Rules 1959. The individual communication shall be sent within two weeks fixing 11.4.2007 for orders. List in chambers on 11.4.2007.
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