Co.Appl.164/10 //1// In the High Court of Judicature for Rajasthan Jaipur Bench ** Company Application No.164/2010 in Co. Appl. No.137/2010 in Company Petition No.36/2000 OL of M/s Rathi Alloys & Steel Ltd. ( (In Liqn.) Versus IFCI Ltd Date of Order ::: 09/12/2010 Hon'ble Mr. Justice Ajay Rastogi Mr. BK Sharma, for applicant (OL) Mr. VL Mathur, and Mr. Suresh Dutt Dhobhal, for non-applicant Instant application has been filed by Official Liquidator of M/s Rathi Alloys & Steel Ltd. U/r 275 of the companies (Court) Rules, 1959 seeking permission for making payment of interim dividend to secured credtiros of Co. (in liquidation). It has been averred in the application that in Company Petition No.36/2000, winding up order of M/s Rathi Alloys & Steel Ltd was passed on 24/08/2001 and the applicant OL was appointed as official liquidator from the date of order for conducting the winding up proceedings. It has been prayed that while leaving apart amount being claimed by the workmen as referred to in prayer Cl.(ii) which still requires to be adjudicated, available funds of Rs.32 Crores (Thirty Two) may be distributed as interim payment of dividend to secured creditors against their admitted claims referred to para 5 of instant application; and as regards claims of workers, it will be Co.Appl.164/10 //2// examined in terms of S.529A of Co. Act. It has also been prayed for keeping the remaining balance amount after excluding the amount as proposed in prayer Cl.(ii) & (iii), for disbursement to the creditors alongwith sale proceeds of assets (yet to be realized) as referred to in para 7 of instant application. Permission has also been sought for opening dividend account of Co. (in liquidation) with Punjab National Bank and to encash the FDRS & transfer amount of Rs.32 (Thirty Two) Crores into the dividend account for making payment of interim dividend to secured creditors through A/c payee cheques. It has also been prayed that permission may be granted to the applicant (OL) to issue notice for publication in the news paper as per Annexure A referred to in prayer Cl.(vii). Shri VL Mathur and Shri Suresh Dutt Dhobal appearing for non-applicant (IFCI) jointly accept the prayer made in instant application. Taking note whereof, instant application as prayed for is accordingly allowed. The OL is permitted to distribute Rs.32(Thirty two) Crores as interim payment of dividend to secured creditors against their admitted claims referred to in para No.5 of instant application; and while excluding the amount as proposed in prayer Cl.(ii) & (iii), the OL is permitted to keep remaining balance Co.Appl.164/10 //3// amount for distribution to the creditors alongwith sale proceeds of assets referred to in para 7 of which has yet to be realized; and the OL is further permitted to open dividend account of Co. (in liquidation) with Punjab National Bank, Nehru Place, Jaipur and to encash the FDRS and transfer Rs.32 Crores for making payment of interim dividend to secured creditors through account pay cheques; and the OL should published notice as per Annexure A in news paper referred to in prayer Cl.(vii) of instant application in accordance with law. With the directions (supra), instant application stands disposed of. Compliance of order (supra) be made within two months. A copy of this order be placed in Co. Pet.No.36/2000. (Ajay Rastogi), J. K.Khatri/p3/ 164CoAppl2010Dec9Dsp-R275DvdDsbrs.doc