Case Law Details
Govt of India Vs Mewar Textiles And Ors (Rajasthan High Court, Jodhpur Bench)
The instant application has been filed by the applicant who is an unsecured creditor and seeks claim of settling subsequent claim to be winding up in accordance with law alongwith interest on the belated payment.
The Official Liquidator present in the Court submits that Rule 179 of the Companies (Court) Rules, 1959 is applicable and the unsecured creditor is entitled to interest at the rate of 4% per annum.
After hearing, learned counsel for the parties, this Court is of the opinion that at best the applicant being unsecured creditor is entitled for 4% interest per annum.
In view of the above, the instant application is disposed of with a direction to the Official Liquidator to pay 4% interest to the applicant from the date of winding up i.e. 23.02.2010 till the date of declaration of dividend which is 08.04.2019 entitled to an unsecured creditor in accordance with Rule 179 of the Companies Court Rules. The Official Liquidator shall accordingly make necessary payments on the due amount strictly in accordance with law.
FULL TEXT OF THE JUDGMENT/ORDER OF RAJASTHAN HIGH COURT
Application Inward No. 4/2020.
The official liquidator has moved this application claiming the following relief:-
“(I) That the time for making the payment of dividend to the remaining contributors for a further period of three months upto 06.11.2020.
(ii) The Official Liquidator may be permitted to publish one more advertisement in daily news paper Rajasthan Patrika (Hindi) and Hindustan Times (English) through advertisement agency & publish the notice in Form No.63 under Rule 148(1) of the Companies (Court) Rules, 1959 & make the payment to advertisement agency from the fund of the company (In Liquidation)”
The Official Liquidator Mr. DK Meena along with learned counsel Mr.Rakesh Arora submit that due to COVID times, making of the payment of dividend to the contributors was not possible, however, permission be given now to comply with the same. In light of the above submission, the Official Liquidator is directed to make the payment of dividend to the remaining contributors strictly in accordance with law within a period of 60 days from today. The Official Liquidator shall be required to publish one more advertisement in daily news paper Rajasthan Patrika (Hindi) and Hindustan Times (English) through advertisement agency & publish the notice in Form No.63 under Rule 148(1) of the Companies (Court) Rules, 1959, while making the payment to advertisement agency from the fund of the company.
The aforesaid act of the Official Liquidator as sought to be made, has to be made by him, strictly in accordance with law. The application (inward no.4/2020) is accordingly disposed of.
Application Inward No. 5/2020.
The official liquidator has moved this application claiming the following relief:-
“The Official Liquidator is prayed to this Hon’ble Court to appoint a typist-cum-clerk to do the work of typing etc. of this office on purely contractual basis at least for further (Six) months with effect from 07.08.2020 @ a fixed salary of Rs. 14,000/- (Rs. Fourteen Thousand Only) per month to be paid from the fund of M/s. Mewar Textile Mills Limited (In Liquidation).”
For the reasons stated, the application is allowed. The Official Liquidator shall do the needful, as sought to be made, strictly in accordance with law
Application Inward No. 87/2020.
The official liquidator has moved this application claiming the following relief:-
“(i) That the Hon’ble Court would be pleased to increase the professional fee from Rs.12,500/- to 25,000/- P.M. from the fund of M/s Mewar Textile Limited (In Liquidation) with effect from August, 2020.”
For the reasons stated, the application is allowed. The fee of the lawyer as proposed i.e. Rs.25,000/- per month is allowed and the same shall be payable from the date of application.
Application Inward No. 88/2020.
The official liquidator has moved this application claiming the following relief:-
“That the Official Liquidator may be allowed to release the claimed and settled amount for Rs.51,35,624/- to Shri Inder Kumar Agarwal of M/s Govindram Sanjaykumar by way of opening dividend account with State Bank of India, Paota Branch, Jodhpur from the fund of M/s. Mewar Textile Mills Limited (In Liquidation)”
The Official Liquidator Mr.D.K. Meena along with learned counsel Mr.Rakesh Arora submit that delay has been condoned and now the payment can be made.
Accordingly, the prayer is allowed and the Official Liquidator shall take necessary steps, strictly in accordance with law.
The instant application is allowed accordingly.
Application Inward No. 89/2020.
The official liquidator has moved this application claiming the following relief:-
“That the Official Liquidator may be allowed to release the claimed amount for Rs.3,66,157/- to Shri Gyan Chand Chhallani of M/s. Shankeshwar Spintex by way of opening dividend account with State Bank of India, Paota Branch, Jodhpur from the fund of M/s. Mewar Textile Mills Limited (In Liquidation)”
The Official Liquidator Mr.D.K. Meena along with learned counsel Mr.Rakesh Arora submit that delay has been condoned and now the payment can be made.
Accordingly, the prayer is allowed and the Official Liquidator shall take necessary steps, strictly in accordance with law.
The instant application is allowed accordingly.
Application Inward No. 90/2020.
The official liquidator has moved this application claiming the following relief:-
“In view of the above facts and circumstances stated as above, the Official Liquidator prays to this Hon’ble Court to take the aforesaid facts on the record and pass the appropriate order for payment Rs.20,39,993/- as mentioned in para 2, from the fund of M/s. Mewar Textile Mills Ltd. (In Liq.) plus interest @ 6.75% P.A. current rate of fixed deposit prevalent as already have been paid to other workmen from 23.02.2010 to 10.07.2014 for 1599 days.”
For the reasons stated, the instant application is allowed.
The Official Liquidator shall make the necessary payment, strictly in accordance with law.
Application Inward No. 8/2020.
The official liquidator has moved this application claiming the following relief:-
“That the Official Liquidator may be allowed to pay second Dividend to contributories @ Rs.3,000/- (Rs. Three Thousand only) per shares in terms of para 9 of this report by opening the Dividend account with Punjab National Bank, Paota, ‘C’ Road, Jodhpur with amount of Rs.34,19,67,000/-.”
For the reasons stated, the application is allowed. The Official Liquidator shall pay the second dividend to the contributories, strictly in accordance with report of the Panjab National Bank, Paota ‘C’ Road, Jodhpur, if the same is payable in law.
Application Inward No. 97/2021.
The official liquidator has moved this application claiming the following relief:-
“(i) That this Hon’ble Court would be pleased to permit the Official Liquidator to file Income Tax Return in the matter of M/s. Mewar Textile Mills Limited (In Liquidation) so as to enable it to claim refund of Tax Deducted at Sources (TDS).
(ii) That this Hon’ble Court may kindly permit Official Liquidator to pay the audit fees to Sh. Siddharth Mehta, Chartered Accountant for audit work of half yearly statement of account as per Rule 304 of the Companies (Court) Rules, 1959, plus GST as applicable subject maximum Rs. 1,50,000/- plus GST yearly whichever is less from the funds of M/s Mewar Textile Mills Limited (In Liquidation).
(iii) That the payment of Rs.15,000/- also may kindly be allowed to Sh. Siddharth Mehta, C.A. for audit work of Various Company’s Fund (VCF) for three years upto 31.12.2020.
(iv) That Mr. Siddharth Mehta, C.A. may also appointed and be paid @ Rs.15,000/- plus GST as applicable per year for filing the Income Tax Returns from 2010 onwards.”
For the reasons stated, the application is allowed. The Official Liquidator shall do the needful, strictly in accordance with law.
In S.B. Company Petition No. 8/2000
Application Inward No. 07/2020
The instant application has been filed by the applicant who is an unsecured creditor and seeks claim of settling subsequent claim to be winding up in accordance with law alongwith interest on the belated payment.
The Official Liquidator present in the Court submits that Rule 179 of the Companies (Court) Rules, 1959 is applicable and the unsecured creditor is entitled to interest at the rate of 4% per annum.
After hearing, learned counsel for the parties, this Court is of the opinion that at best the applicant being unsecured creditor is entitled for 4% interest per annum.
In view of the above, the instant application is disposed of with a direction to the Official Liquidator to pay 4% interest to the applicant from the date of winding up i.e. 23.02.2010 till the date of declaration of dividend which is 08.04.2019 entitled to an unsecured creditor in accordance with Rule 179 of the Companies Court Rules. The Official Liquidator shall accordingly make necessary payments on the due amount strictly in accordance with law.
Application Inward No. 06/2020
The instant application has been filed by the applicant who is an unsecured creditor and seeks claim of settling subsequent claim to be winding up in accordance with law alongwith interest
on the belated payment.
The Official Liquidator present in the Court submits that Rule 179 of the Companies (Court) Rules, 1959 is applicable and the unsecured creditor is entitled to interest at the rate of 4% per
annum.
After hearing, learned counsel for the parties, this Court is of the opinion that at best the applicant being unsecured creditor is entitled for 4% interest per annum.
In view of the above, the instant application is disposed of with a direction to the Official Liquidator to pay 4% interest to the applicant from the date of winding up i.e. 23.02.2010 till the date of declaration of dividend which is 08.04.2019 entitled to an unsecured creditor in accordance with Rule 179 of the Companies Court Rules. The Official Liquidator shall accordingly make necessary payments on the due amount strictly in accordance with law.
List these matters on 11.8.2021.
