THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1506 of 2011 Date:08th September, 2011 Between: M/s.Sri Ramalingeswara Agro Processors (P) Ltd. (in liquidation), rep. by the Official Liquidator, High Court of A.P., Hyderabad. …Applicant *** THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1506 of 2011 ORDER: This Company Application has been taken out by the Official Liquidator representing M/s.Sri Ramalingeswara Agro Processors (P) Ltd. (in liquidation), under Sections 460(4) and 555 of the Companies Act, 1956, (for short, ‘the Act’) r/w. Rules 9, 275, 276 and 290 of the Companies (Court) Rules, 1959, (for short, ‘the Rules’) seeking a direction to the Official Liquidator representing the Company (in liquidation) to declare a dividend of Rs.20,02,968.66 ps. and Rs.16,27,031.34 ps. @ 9.8504% in a rupee to APIDC and APITO respectively and pay Rs.4,01,000/- as liquidation expenses to APIDC after adjusting the interim payments made to them as detailed in the statement marked as Annexure-B and other ancillary reliefs. 2. This Court, by order, dated 11.08.1998, passed in R.C.C.No.8 of 1998, ordered for winding of M/s. Sri Ramalingeswara Agro Processors (P) Ltd. (in liquidation) and appointed the Official Liquidator attached to this Court as its liquidator. The Official Liquidator took possession of the assets of the Company (in liquidation) and sold the assets of the Company (in liquidation) on obtaining permission of this Court. The Official Liquidator realised Rs.94,00,000/- by way of sale of land, building, plant and machinery. This Court, by order, dated 27.09.2006, passed in Company Application No.516 of 2006, permitted the Official Liquidator to release 70% of sale proceeds to the financial institutions and banks, subject to furnishing an undertaking by each of them to refund the interim payment if found not eligible or found being excess upon adjudication of their respective claims. In compliance of the above directions, the Official Liquidator disbursed a sum of Rs.84,70,000/- as interim payment to APIDC and the said sum was shared by the pari pasu creditors APIDC and APITCO (as assignee of debts of Andhra Bank) proportionately. This Court, by order, dated 23.06.2008, passed in Company Application No.591 of 2008, directed the Official Liquidator to invite claims from the creditors of the Company (in liquidation). The Official Liquidator caused publication of notice inviting claims fixing the last date for filing of claims as 28.07.2008. The Official Liquidator received the claims from two secured creditors and thereupon the claims of the two secured creditors have been adjudicated. On completion of adjudication of claims of secured creditors, the Official Liquidator issued individual Form No.69/70 i.e. Notice of Admission/Rejection of Proof of Debt to the concerned creditors. Hence, this application seeking the prayer stated supra. 3. Heard learned counsel appearing for the Official Liquidator and perused the affidavit filed in support of the application. 4. As per the statement of calculation vide annexure ‘A’ to the application, place along with Annexure-A, an amount of Rs.20,02,968.66 ps. is to be paid to APITCO; and an amount of Rs.16,27,031.34 ps. is to be paid to APIDC, and an amount of Rs.4,01,000.00 is to be paid to APIDC. In that view of the matter, the Company Application is allowed declaring the dividend of Rs.20,02,968.66ps. and Rs.16,27,031.34 ps. at the rate of 9.8504% in a rupee to APITCO and APIDC respectively and permitting the Official Liquidator to pay Rs.4,01,000.00 towards liquidation expenses incurred by APIDC, after adjusting the interim payments made to them as detailed in the statement marked as Annexure-B. The Official Liquidator is authorised to open a separate dividend account in Punjab National Bank and pay the dividend to the secured creditors out of the said account in terms of Rule 290 of the Rules. Publication of notice of dividend in newspapers is dispensed with. The Official Liquidator is permitted to send individual notices of dividend in Form No.138 along with 139 to APSFC and APIDC. The Official Liquidator is authorized to transfer the unpaid dividend, if any, remaining in the dividend account after expiry of six months period to Companies Liquidation Account in terms of Section 555 of the Act. 5. Accordingly, the Company Application is allowed. No costs. _____________________ B.SESHASAYANA REDDY, J Date:08th September, 2011. cs THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1506 of 2011 Date :08th September, 2011