Telangana High Court
COMPA/1228/2013 of Standard Chartered Bank, Vs M/s. Allwyn Watches Ltd. (In Liquidation) on 30 December 2013
VILAS V. AFZULPURKAR COMPANY APPLICATION No.1228 OF 2013 ORDER: This application is filed by the Standard Chartered Bank, who claims to be one of the secured creditors of the company in liquidation in C.P.No.108 of 2001. 2. The primary grievance of the applicant, as ventilated by the learned
HONOURABLE SRI JUSTICE VILAS V. AFZULPURKARCOMPANY APPLICATION No.1228 OF 2013
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ORDER:
This application is filed by the Standard Chartered Bank, who claimsto be one of the secured creditors of the company in liquidation inC.P.No.108 of 2001.
2. The primary grievance of the applicant, as ventilated by the learnedsenior counsel for the applicant, is that the various other secured creditorshave been paid amounts proportionate to their debt covering the extent ofprincipal amount outstanding. However, the applicant, who is also a securedcreditor, has been paid only a sum of Rs.3,73,88,292/- as against their claimfor Rs.18,46,75,920/-. This application is, therefore, made praying fordirections to the official liquidator to pay and disburse atleast 75% of thebalance sale proceeds in proportionate to the receivables by the applicantbank.
3. Heard learned counsel for official liquidator, who has pointed out fromhis report Annexure-D, that though the claim as stated was made by theapplicant based upon two term loans and five foreign currency loans,documents were produced, only for one term loan and other documentscould not be produced by the applicant. Hence, the claim sanctioned andpaid was only to the extent of the debt established by the said securedcreditor.
4. It is not in dispute that in November, 2013, the applicant has producedthe documents relating to rest of the loans, which could not be produced inthe first instance, and the said documents are under scrutiny by the officialliquidator. In view of that, unless the documents are scrutinized by the officialliquidator, the proportionate share payable to the applicant company cannotbe ascertained, as of now.
5. Hence, this company application is disposed of directing the officialliquidator to examine the balance of the loan documents produced by theapplicant and consider the claim of the applicant on merits and then arrive atthe final amount to be disbursed to the applicant accordingly.
Miscellaneous applications pending, if any, shall stand closed. Thereshall be no order as to costs.
December 30, 2013.LMV
______________________
VILAS V. AFZULPURKAR, J
HONOURABLE SRI JUSTICE VILAS V. AFZULPURKAR
LMV
COMPANY APPLICATION No.1228 OF 2013
Dt: 30.12.2013