CO.P/7/2001 of INTHE MATTER OF Vs MS HIM ISPAT LTD. on 8 November 2001

Arguments

04.11.2020

Co. Petition No. 7 of 2001

Present: Mr. Sanjeev Kuthiala, Sr. Advocate with Ms. Garima Kuthiala, Advocate for the OfficialLiquidator.Garima Kuthiala, Advocate for the OfficialLiquidator.

Mr. Saurabh Khanna, Advocate vice Mr.Subhash Sharma, Advocate for IDBI.Subhash Sharma, Advocate for IDBI.

Mr. Shrawan Dogra, Sr. Advocate with Mr.Umesh Kanwar, Advocate for workmen/applicants in Co. App. No. 35 of 2016, 21 and 22 of 2018.

(Through video conferencing)

Reports filed by the Official Liquidator are takenon record. Last report on record is dated 30.09.2020.

Learned counsel representing official liquidatorsubmits that another latest report dated 15.10.2020 hasalso been filed on 27.10.2020, whereby it has beeninformed that in compliance to order dated 06.03.2020,payment to the workmen stands disbursed and thereport of Chartered Accountant with respect toapportionment of the amount to be disbursed to thesecured creditors has also been received and thesecured creditors have also reached at a consensus andas per consensus, the amount in their favour is likely tobe released within a short period and further that it hasalso been submitted by the official liquidator that fee ofthe counsel representing him is yet to be released.Registry is directed to place the report on record.

Considering the prayer of learned counsel, atthis stage, no other further order is required to bepassed except that it is clarified that official liquidator is at liberty to release the payment of bills of learnedcounsel representing him as permissible.

Needless to say that it is expected from theofficial liquidator that the amount in favour of securedcreditors shall be released without any delay.

(Vivek Singh Thakur)

Judge

November 04, 2020

(naveen)