Official Liquidator of Aesculapius Remedies Ltd Vs Punjab National Bank & Ors (Gujarat High Court)
Background and Winding-Up
Aesculapius Remedies Ltd. was wound up by an order of the Gujarat High Court on March 20, 2003, and the Official Liquidator (OL) was appointed. The OL took possession of the company’s factory, which was subsequently sold under an order dated August 8, 2006.
Initial Claims and Verification
The Official Liquidator invited claims from creditors and workers under Sections 529A and 530 of the Companies Act, 1956, via an advertisement on October 12, 2007. The OL received claims from three parties, initially categorized as Secured Creditors:
| Sr No. | Name of the Creditors | Amount (Rs.) |
|---|---|---|
| 1. | GSFC | 19,63,969/- |
| 2. | GIIC | 2,22,17,866/- |
| 3. | Punjab National Bank (PNB) | 3,58,43,511/- |
| TOTAL | 6,00,25,346/- |
No claim was received from the workers of the company.
M/s. Kiran Shah & Associates, Chartered Accountants, were appointed on January 10, 2008, to verify the claims. Their report, dated February 23, 2010, concluded that GSFC and GIIC were not eligible as Secured Creditors under Section 529A. It found PNB to be a Secured Creditor under Section 529A only to the extent of movable assets, subject to observations, as PNB did not have a registered secured charge against the immovable assets.
