THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1299 of 2011 Date:08th September, 2011 Between: M/s.Malwala Oils Limited (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.1299 of 2011 ORDER: This Company Application has been taken out by the Official Liquidator representing M/s.Malwala Oils Limited (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.3,53,377.97 ps.; Rs.1,73,226.46 ps.; and Rs.1,69,984.08 ps. at the rate of 29.215% in a rupee to IDBI, IFCI and ICICI respectively, 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 06.09.1993, passed in R.C.C.No.1 of 1993, directed for winding of M/s.Malwala Oils Limited (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 entire assets of the Company (in liquidation) as per the order passed by this Court in Company ApplicationNo.588 of 2003, dated 04.09.2003. The Official Liquidator realised an amount of Rs.26,50,000/- and Rs.75,00,000/-. This Court, by order, dated 24.12.2003, passed in Company Application No.2886 of 2003 permitted the Official Liquidator to release 70% of sale proceeds to the financial institutions as an interim relief to IDBI, ICICI, IFCI, 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 order, dated 24.12.2003, passed in Company Application No.2886 of 2003, the Official Liquidator paid an amount of Rs.47,02,399/- to IDBI; Rs.22,22,468/- to IFCI; and Rs.21,80,133/- to ICICI. The Official Liquidator invited the claims from the creditors of the Company (in liquidation) as per order, dated 07.10.1998, passed in Company Application No.405 of 1998. The Official Liquidator received 5 claims. Out of them, 3 are secured creditors viz., IDBI, IFCI and ICICI and 2 are preferential creditors. The Official Liquidator adjudicated the claims of the 3 secured creditors. The amounts payable to the secured creditors after taking into account the amounts already paid have been stated in Annexure B. The amounts to be paid to the secured creditors are stated in Annexure-B as follows: IDBI … Rs.3,53,377.97 ps. IFCI … Rs.1,73,226.46 ps. ICICI … Rs.1,69,984.08 ps. 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. The claims of the three secured creditors have been adjudicated and interim payments made to them have been taken into consideration and the final amount to be paid to them have been indicated in the annexure-B. 5. In that view of the matter, the Company Application is ordered permitting the Official Liquidator to declare a dividend of Rs.3,53,377.97 ps.; Rs.1,73,226.46 ps. and Rs.1,69,984.08 ps. @ 29.215% in a rupee to IDBI, IFCI and ICICI respectively. The Official Liquidator is authorised to send individual notices of dividend in Form No.138 along with Form No.139 to IDBI, IFCI and ICICI, while dispensing with the publication of notice of dividend in newspapers. The Official Liquidator is also authorised to transfer the un-paid dividend, if any, remaining in the dividend account after expiry of the six months period to Companies Liquidation Account, in terms of Section 555 of the Act. 6 Accordingly, the Company Application is ordered. No costs. _____________________ B.SESHASAYANA REDDY, J Date:08th September, 2011. cs THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1299 of 2011 Date :08th September, 2011