CoAppl-155/10 In CoP-10/92 (1) In the High Court of Judicature for Rajasthan Jaipur Bench, Jaipur O R D E R S.B. Company Application No.155/2010 In S.B. Company Petition No.10/1992 Date Of Order :: 28/10/2010 Hon'ble Mr. Justice Ajay Rastogi Mr. G.K. Garg, for Official Liquidator. Instant company application has been filed by Official Liquidator U/r.275 read with Rule 9 of the Company (Court) Rules,1959 for declaration of dividend of the company in liquidation wherein it has been averred that on 03.11.1995 this Court passed the winding up order in S.B. Company Petition No.10/1992 and the Official Liquidator attached to this Court was appointed as its Liquidator from the date of aforesaid order to conduct the winding up proceedings. Accordingly, free hold land of the company in liquidation was sold for Rs.13,75,000/- to M/s. Souverign Securities Private Limited vide order dt.12.04.1999 and it was confirmed by the Company Court vide order dt.17.07.1999 and accordingly possession was handed over to the auction purchaser on 21.09.1999. The stock comprising of raw material waste, process stock, finished goods CoAppl-155/10 In CoP-10/92 (2) stock & spares were sold for Rs.2,00,000/- vide order dt.24.08.2000 passed in S.B. Company Application No.20/200 and sale was confirmed vide order dt.26.09.2000. Office and other equipments were sold for Rs.2,85,000/- vide order dt.17.11.2000 and the sale was confirmed. Four ambassador cars were sold for Rs.68,000/- and accordingly the entire unit was sold vide order dt.17.06.2003 and the sale was confirmed vide order dt.11.05.2004 and the total realization of assets comes to Rs.2,75,28,000/-. After the sale proceeds were received by the Official Liquidator advertisement was published in Hindi daily newspaper Rajasthan Patrika (all editions of Rajasthan) and Times of India (English) Delhi on 21.12.2004 and claims were invited from creditors/workmen of the company in liquidation by 31.01.2005. It has been further averred that in reference to publication/ notice issued from the office of the Official Liquidator, in all 522 claims were received from the various creditors of the company in liquidation including workmen, secured creditors, preferential creditors and unsecured creditors and after due adjudication CoAppl-155/10 In CoP-10/92 (3) of the same by the Official Liquidator, list of creditors as settled by the Official Liquidator in the prescribed form no.71 pursuant to Rule 167 of the Company (Court) Rules was filed before this Court vide S.B. Company Application No.135/2010 and vide order dt.08.07.2010 it was allowed by the Company Court, copy of which has been placed on record as Annx.A. After adjudication of all the claims the Official Liquidator finally admitted the claims, which has been placed on record in the form of Table-A & B, reference of which has been made in para 13 of the instant company application. Counsel for the applicant (OL) submits that he may be permitted to declare the final dividends of the secured creditors and workmen against their adjudicated claims as per the details given in the instant application. Certain secured creditors & workmen have approached this Court by way of filing company appeal-2/2008 & 2/2006 and company application-16/2007 & 21/2007. However, after hearing counsel for official Liquidator and taking note of the material on record this Court considers it appropriate to permit the CoAppl-155/10 In CoP-10/92 (4) official Liquidator to open the dividend account of the company in liquidation in Punjab National Bank, Nehru Place, Jaipur and the total amount referred to in Schedule-A & B of Rs.3,40,00,000/- be transferred in a limited account and he is permitted to make the payment of dividends to the secured creditors and workmen strictly through account payee cheques, details of which have been referred to in Table-A & B respectively and since all the applications have been duly adjudicated by the official liquidator, publication of further notice provided U/r. 276 of the Company (Court) Rules stands dispensed with. However, it is made clear that whatever additional dividend amount if received by the Official Liquidator in future, it may be disbursed to secured creditors/ workmen in accordance with law. With these directions/observations, the company application-155/2010 stands disposed of. Copy of this order be placed in other connected matters. (Ajay Rastogi),J. VS Shekhawat /p.4/ 155CoAppl10Oct28FnlDsps.doc