2110cao1093.11.odt 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY, NAGPUR BENCH, NAGPUR. CAO NO.1093 OF 2011 IN MCA ST.NO.9588 OF 2011 IN COMPANY APPLICATION NO.76 OF 2005 M/S SHRI MAHESHWAR RESORTS AND HOTELS PVT.LTD. V/S SHRI RAVINDRA GULABRAO PISE AND OTHERS. ........................................................................................................................................................ Office Notes, Office Memoranda of Coram, appearances, Court's orders Court's or Judge's order of directions and Registrar's orders ........................................................................................................................................................ CORAM : R. K.DESHPANDE, J. DATE : 21. OCTOBER, 2011. For the reasons stated in the application, the application is allowed. The delay caused is condoned. MCA St.No.9588 of 2011 for review/recall of order dated 1.4.2011 is taken up for hearing. Heard Shri Dhondarkar, the learned Counsel appearing for the applicant. The submission of Shri Dhondarkar, the learned Counsel, is that though this Court has directed the Company to deposit the amount of Rs.1.00 Crore in this Court, the said amount is not due and payable to the creditors. It is his further submission that this Court has granted permission by the same order dated 1.4.2011 to go ahead the proposal of compromise and to settle the claims as per the scheme, which is proposed to be formulated. He submits that if the scheme is formulated, then there would .....2/- 2110cao1093.11.odt 2 be no occasion to deposit the amount in this Court. He further submits that there is no complaint by any of the depositors that their applications are opposed by the company. He further submits that the claims of persons or creditors who are not before the Court are also required to be decided, and their interests are also required to be protected. If the amount is deposited in this Court, then they may be deprived of the fruits of any settlement, which may be entered into between the company and the creditors. Shri Dhondarkar, the learned Counsel, does not dispute that the amount of Rs.3,85,90,000/- can be made available for disbursal to the depositors in terms of the scheme proposed to be formulated. Thus, it is not in dispute that this amount is to be available for distribution in accordance with law and this was the position available at the time of filing of the company petition. He further submits that this Court has also permitted some of depositors to withdraw 50% of the amount. He further submits that the amount of Rs.3,85,90,000/- has now been reduced in view of the payment which has already been made. For all these reasons, he submits that the order of directing the company to deposit an amount of Rs.1.00 Crore be recalled. The question whether the amount is due and payable to the creditors, is not relevant at this stage. As and when any such applications are made by the depositors for refund of the amount, those shall be decided by this Court after granting hearing to the the company in the matter. .....3/- 2110cao1093.11.odt 3 The deposit of the amount has been ordered only to protect the interest of all the creditors and there is no adjudication. All such questions regarding entitlement of depositors, the extent of entitlement and of withdrawal of amount are kept open to be agitated. Similarly, the permission has been granted to the company to execute the compromise scheme which is proposed to be formulated. If such scheme is finalized and the agreement is arrived at for refund of amount, then the parties can approach this Court, including the company, for appropriate orders. The intention behind passing of an order directing deposit of an amount of Rs.1.00 Crore is to secure the interest of all the creditors whether they are before this Court or not. Hence, no ground for review is made out. In view of above, the review application is rejected. Shri Dhondarkar, the learned Counsel, seeks time to take instructions from the company on the question of the period within which such amount shall be deposited in this Court. In the mean time, if the company proposes to be deposited the amount, the office to accept it. Put up after vacation. JUDGE BrWankhede ...../-