1 IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.181 OF 2008 IN COMPANY PETITION NO.687 OF 2003 Seema K. Chag. ..Applicant. V/s. Kay Ess Organics Pvt.Ltd. ..Respondent Mr.Cyrus Ardeshir i/b. Madekar and Co. for applicant. Ms.Purnima Bhatia for respondent. Mr.P.Ramarao, O.L.present. CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J DATE : FEBRUARY 18, 2008. DATE : FEBRUARY 18, 2008. DATE : FEBRUARY 18, 2008. P.C. : P.C. : P.C. : 1. In so far as prayer clause (a) is concerned, the Official Liquidator is inclined to invite claim of the concerned workers and trade creditors as already amount of Rs.10 Lakhs is available for disbursal, which is lying in the Mandvi Cooperative Bank Ltd.. In case of further requirement, the Official Liquidator has assured that the assets of the Company in liquidation will be disposed off in about three months time. Sale proceeds can be made available for the disbursal of the further claim of the workers or the trade creditor, as the case may be, by declaring additional dividend. The Official Liquidator assures to file further report for inviting claim of the workers and trade creditors at 2 the earliest.In the circumstances, no relief in terms of prayer clause (a) is warranted at this stage. All questions in that behalf are left open, to be decided on its own merits in accordance with the law. 2. In so far as disposal of the assets of company in liquidation, the Official Liquidator is inclined to do so within two months from today. The Official Liquidator shall submit report for that purpose forthwith. 3. In so far as clause (b) of the application and the relief claimed in terms of prayer clause (a) of the Official Liquidator’s Report dated 15th January, 2008, both are disposed off by accepting suggestions of the Ex-director that one security per shift to preserve the property would be more than sufficient. Accordingly, Official Liquidator shall appoint security agency so as to provide one security guard per shift basis for three shifts till the property is disposed off. Relief claimed by the Official Liquidator in terms of prayer clause (b) of the same report is accepted. 4. Application as well as Official Liquidator’s Report dated are disposed of on the above terms. 3 (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)