1 ca1134-09 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.1134 OF 2009 IN COMPANY PETITION NO.521 OF 1992 WITH OFFICIAL LIQUIDATOR’S REPORT DATED 18.2.2010 Henkel Chemicals Ltd. ....Petitioner V/s. Garware Nylon Ltd. & Ors. ....Respondents And Garware Employees Union & Ors. ....Applicants V/s. Official Liquidator, High Court, Bombay ....Respondent Mr.N.M. Ganguli for the Applicant. Mr.J.P. Sen with Ms.Kavita Shah for the Official Liquidator. Ms.M.P.S. Rao, Senior Counsel with Mr.S.K. Chari and Ms.Priya Baliga i/b M.V. Kini & Co. for the State Bank of India. Mr.Durgesh Khanapurkar i/b M.K. Ambalal for I.C.I.C.I. Bank Ltd. Mr.Kalpesh Paresh i/b Pragna Thakkar & Co. for the Secured Creditor. Ms.Pradnya Dalvi-Wagle for the Applicant in C.A. No.989 of 2009. Mr.B.S. Nayak i/b Lalita Panchakshari for the Applicant in C.A. No.190 of 2010. CORAM : S.J. VAZIFDAR, J. DATE : 28TH JULY, 2010. P.C. :- 1. This company application has been taken out by Garware Employees Union seeking an order directing the Official Liquidator to pay 2 ca1134-09 the workmen interim/final dividend from the sale proceeds of the assets of the Respondent company in liquidation. It is not possible at this stage to pass any order for the final dividend as the winding up proceedings have not concluded and are not expected to be concluded for some time. 2. However, it is possible and desirable at this stage to pass directions for interim dividend as the secured creditors and the workmen are not prejudicial thereby. The amounts invested with the financial institutions have to be brought back and there is no serious opposition to the same either. There are five secured creditors viz. I.C.I.C.I. Bank Ltd., H.D.F.C. Bank Ltd., I.D.B.I., Punjab National Bank and State Bank of India. 3. Earlier a group of workers had been issued interim dividend at 18% p.a. There however remained another group of workmen, whose dues not having been adjudicated at that time, were not given the benefits of this interim dividend at 18% . They are entitled to the same, as their dues have now been adjudicated. 4. Mr.Sen, the learned counsel appearing on behalf of the Official Liquidator states that further interim dividend at 5% can be issued to the workmen and the secured creditors as that would involve a pay out of about Rs.10.00 crores, whereas the amount lying to the credit of the Respondent company is about of Rs.12.00 crores. 5. In the circumstances, the company application is disposed of by the following order :- i). The Official Liquidator shall pay 18% interim dividend to those workmen who had not received the same earlier. ii). The Official Liquidator shall pay interim dividend at 5% to the 3 ca1134-09 secured creditors and the workmen. The Company Application is disposed of by granting orders in terms of the directions (a), (b), (d) and (e) sought by the Official Liquidator in his report dated 18.2.2010. There shall be no order as to costs.