1 IN THE H IGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO. 737 OF 2009 IN COMPANY PETITION NO. 412 OF 1985 Midland Bank Plc. ... Petitioner Vs The Official Liquidator of M/s.Madhavnagar Cotton Mills Ltd. (In Liquidation) ... Respondent And ICICI Bank Limited. ... Applicant Ms. Pratibha Mehta with Ms. S.R. Surve i/b M/s. Little & Co. for the applicant. Dr. T. Pandian – Deputy Official Liquidator present. CORAM : S.J, VAZIFDAR, J. DATED : 7TH JUNE, 2010 P.C. : 1. The Official Liquidator does not deny that an amount of Rs. 13.13.829/- is due as per the dividend declared on 29th September, 2 2009. Despite the same, I am not inclined to grant the relief as claimed as that may be construed to be an acceptance of the applicant’s claim finally. 2. Prior to the declaration of the dividend, an amount of Rs. 21,00,000/- and Rs.71,00,000/- were handed over to the applicants. This, however, was also not pursuant to any final adjudication. The same was based on the undertaking that it would be brought back with such rate of interest as may be determined by the court. Thus, till the rate of interest is finalized, it will not be possible to state that the applicant is entitled to the amount of Rs.13,13,829/- finally. This would be subject to accounts and further orders, including in respect of deposit of the sum of Rs.21,00,000/- and Rs.71,00,000/-. 3. In the circumstances, the Company Application is made absolute in terms of prayer (a), but only on the condition that the same will be returned by the applicant with such rate of interest, if any, directed by this court. The applicant is at liberty to accept the said sum from the Official Liquidator upon this condition and not otherwise. Prayer clause (a) reads as under : 3 “(a) that the Official Liquidator be directed to pay forthwith to the Applicant a sum of Rs.13,13,829/- (Rupees Thirteen Lacs Thirteen Thousand Eight Hundred Twenty Nine Only) being their balance share of the dividend declared by the Official Liquidator as payable to the Secured Creditors and as directed by this Hon’ble Court alongwith the further interest accrued thereon from the date of declaration of the dividend till the date of payment;” 4. Company Application is, accordingly, disposed of.