1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH : NAGPUR COMPANY APPLICATION NO.309/2010 IN COMPANY APPLICATION No. 93/2009 IN COMPANY PETITION NO.14/1960 Ghanshyamdas Gopaldasji Mohta -: versus :- Official Liquidator. Office Notes, Office Memoranda of Coram, appearances, Court's orders Court's or Judge's orders or directions and Registrar's orders. CORAM : B.P. DHARMADHIKARI, J. DATED : MARCH 23, 2010. By this application the Official Liquidator is seeking modification of order dated 05.02.2010. By the said order passed on Company Application No.93/2010, this Court has recorded statement of learned counsel for Official Liquidator that no further adjustment or transfers from fund of Gopaldas Mohta {HUF} are contemplated in near future. Contingency which has arisen is payment of Income Tax amount of Rs. 1,19,000/- due on account of M/s. Laxmi Bank Limited [in liquidation]. The tax was to be payable by 15.03.2010. Company has in its account amount of Rs. 6,81,60,081.84. Official Liquidator states that this fund belongs to the Company and in any case lt. Shri Gopaldas Mohta has got share in it. The applicant – Ghanshyamdas son of Gopaldas Mohta has filed reply contending that fund belongs to HUF and not to the Company. It is further stated that at the most Gopaldas may have some share in that amount and that share is yet not ascertained. A partition suit filed vide Special Civil 2 Suit No.117/1991 has been decided the First Appeal filed in the year 2009 is pending. It is further pointed out that one Smt. Girjabai had filed Company Application No. 12/2005 claiming 1/4th share out of the sale proceeds of Mohta House, giving reason of her old age and of undisputed share. That application was rejected by this court [by me] on 30.04.2008 and against it Company Appeal No. 12/2008 is stated to be pending. In this situation, learned Counsel contended that as share of lt. Gopaldas itself is yet to be ascertained, the Income Tax paid will not be from the accounts of the company in liquidation. He therefore, opposes the request. He points out that as per his instructions earlier amount of Rs. 1,23,000,00/- has been spent out of the sale proceed and he further states that some other expenditure is incurred by the Official Liquidator, but he is still collecting the details thereof. The fact that deceased Gopaldas has 1/4th share in HUF is not in dispute. The question is of determining his liability in the matter. That liability is yet not finalized. Payment of income tax is necessary. In this situation, I find it proper to permit the official liquidator to pay said income tax out of the available funds, but at the same time keeping equal amount aside separately for reimbursement to the applicant [HUF] in case occasion of reimbursement therefor arise. Official Liquidator shall move appropriate application in pending First Appeal and point out this order and obtain further orders. With this directions Company Application is accordingly allowed. No cost. JUDGE Rgd.