THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application Nos.1758, 1760, 1770 of 2009 in Company Petition No.57 of 1999 Date : 10th June, 2010 C.A.No.1758 of 2009 Between: Ravathi Sharma W/o late B.L.Sharma …Applicant And Sirsilk Ltd. (in liquidation), rep. by the Official Liquidator, High Court of A.P., Hyderabad ….Respondent *** THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application Nos.1758, 1760, 1770 of 2009 in Company Petition No.57 of 1999 COMMON ORDER: These 3 Company Applications have been moved by the workmen/employees/ the dependant legal representatives of the deceased workmen or employees essentially seeking the same relief. Hence, they are heard together and are being disposed of by this Common Order. 2. Heard Sri S.Ravi, learned senior counsel appearing for the applicants and Sri M.Anil Kumar, learned counsel appearing for the Official Liquidator. 3. The applicants claim that they are the former employees of M/s.Sirsilk Limited, a company under liquidation. By an order dated 26.04.2001 made in Company Petition No.57 of 1999, this Court directed for winding up of M/s.Sirsilk Limited. Consequently, by virtue of Section 449 of the Companies Act, 1956, the Official Liquidator attached to this Court became its liquidator. In pursuance of the statutory compliance and time to time directions of this Court, assets of the company in liquidation both movable and immovable were taken possession by the Official Liquidator and thereafter, got valued the properties of the company through M/s.APITCO Ltd. in the year 2003. Thereafter, with the permission of this Court, the Official Liquidator sold the company’s plant, machinery, furniture and vehicles situated at Sirpur Village, Kagaznagar, Adilabad District, for an amount of Rs.18,14,00,000/-. In view of the said realization of the partial sale of the properties of the company in liquidation, the claims were invited by the Official Liquidator in terms of the provisions of the Companies Act, 1956. In response thereto, the Official Liquidator received claims from various creditors and the same were adjudicated and admitted. The details are hereunder: ADMITTED AS SECURED DEBT: Secured Creditor viz., IDBI Rs. 991.85 Lakhs Workmen (Regular) Rs.1307.37 Lakhs Workmen (casual labours) Rs. 76.95 Lakhs ----------------------------- Total Rs.2376.17 Lakhs ----------------------------- PREFERENTIAL / UNSECURED DEBT: Sl.No. Name of the Claimant Amount Claimed 1. Central Excise Rs.17,89,920-00 2. Textiles Committee Rs. 3,17,615-00 3. Commercial Tax Officer Rs.19,19,205-00 4. Industries & Comm. Dept. Rs.1,40,00,000-00 (This claim is for Term Loan of Rs.140 lacs. As deposit of Title Deeds of immovable properties) 5. P.F. Commissioner Rs.5,65,367-90 6. General Electricals Rs. 43,668-52 7. Srinivasa Trading Co. Rs. 40,662-00 8. Chem. Value Industries Rs.7,46,928-00 9. Ravi Old Iron Merchant Rs.3,23,888-00 10.Sirpur Paper Mills Ltd. Rs.7,30,29,000-00 (This claim has been adjudicated and Rs.614.47 Lacs was admitted as unsecured debt). ------------------------- Total Rs.9,27,76,254-42 ------------------------- The Official Liquidator after obtaining permission of this Court paid 1st and 2nd dividends to the secured creditors and workmen totaling to an amount of Rs.16,66,31,259/-. The details are hereunder: Description of the secured debt Amount admitted as secured debt Paid as 1st & 2nd Dividend Balance yet to be paid IDBI Rs.991.85 lakhs Rs.7,26,90,000/- Rs.264.95 lakhs Workmen (Regular) Rs.1307.37 Lakhs Rs.8,.98,46,464/- Rs.4,08,90,536/- Workmen (Casual Labours) Rs.76.95 Lakhs Rs.40,94,795/- Rs.36,00,205/- Total Rs.23,76,17,000/- Rs.16,66,31,259/- Rs.7,09,85,741/- The present applications have been filed seeking direction to the Official Liquidator to sell the quarter in favour of the respective applicants for a sum of equallent to the annual rental value capitalized in accordance with Schedule-III of the Wealth Tax Act, 1957. 4. The Official Liquidator placed on record his report dated 27.4.2010. As per the report, the applicants have not furnished any information as to their entitlement towards the workmen dues to consider the request of the applicants. Without furnishing the necessary details, the relief sought for by the applicants cannot be considered. 5. Hence, these Company Applications are dismissed for the present reserving the liberty to the applicants to renew their request after furnishing the necessary details called for by the Official Liquidator and adjudication of their claims. No costs. ________________________ B.SESHASAYANA REDDY, J. Dated: 10th June, 2010. RAR THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application Nos.1758, 1760, 1770 of 2009 in Company Petition No.57 of 1999 Date : 10th June, 2010