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Judgment
A.J.Desai, J
By way of the present application, the applicant - Gujarat Mazdoor Panchayat has prayed to direct the Official Liquidator to verify the dues / claim of the workmen shown at Annexure E (Colly.). The applicant has also prayed that pending final ratio inter-se Secured Creditors, the Official Liquidator be directed to disburse an amount of Rs.10,000/- to each worker shown at Annexure E Colly. on adhoc basis, subject to final orders of this Court.
Heard Mr. Pradeep Patel, learned advocate appearing for the applicant and Mr. Saurabh M. Patel, learned advocate appearing for the Official Liquidator. Mr. Saurabh Patel has invited the attention of the Court to the detailed report dated 9.1.2020 filed by Official Liquidator in the present application and would submit that in the present application, there is one more worker's union, namely, Shree Audhyogik Majoor Mahajan Sangh as well as Secured Creditors also sought disbursement from the funds lying in the account of the Company in Liquidation.
Mr. Saurabh Patel, learned advocate appearing for the Official Liquidator would further submit that as per earlier claim, verification report submitted by M/s. Jaimin Desai & Co., Chartered Accountants, the adjudicated claim of Secured Creditors and workmen of the Company in Liquidation represented by Shree Audhyogic Majoor Mahajan Sangh is as under :-
Sr. No.
Particular
Adjudicated amount
Ratio (%)
1
Shree Audhyogik Majoor Mahajan Sangh
1,13,67,288/-
1.3
2
Secured Creditors
85,98,44,309/-
98.7
Total
87,12,11,597/-
100
Mr. Saurabh Patel would further submit that in compliance of various orders passed by this Court, the Official Liquidator disbursed an amount of Rs.13,58,00,000/- to Secured Creditors and Rs.65,00,000/- to 195 workmen of Shree Audhyogik Majoor Mahajan Sangh on the basis of claim verification report submitted by M/s. Jaimin Desai & Co., Chartered Accountants. However, 28 workmen of Company in Liquidation represented by Gujarat Mazdoor Panchayat has not received any amount till date.
Mr. Saurabh Patel further apprised that the Official Liquidator vide letter dated 12.07.2019 appointed the Chartered Accountant, M/s. Kamal C. Mehta & Co. for verification of 28 workers claim received by the Official Liquidator from the Workers Union, M/s. Gujarat Mazdoor Panchayat vide letters dated 19.08.2019 and 20.08.2019. Thereafter, the said Chartered Accountant vide letter dated 20.11.2019 and 04.12.2019 submitted the 28 workers verification report and adjudicated an amount of Rs.27,40,393/- towards claim of 28 workmen of the Company in Liquidation.
In this regard, Mr. Saurabh Patel, learned advocate appearing for the Official Liquidator would submit that pursuant to the earlier order passed by this Court, 195 workmen of the Company in Liquidation already received an amount of Rs.65,00,000/- towards adhoc disbursement i.e. 57.20% out of their total adjudicated claim. Hence, 28 workmen whose claim raised in present application by M/s. Gujarat Mazdoor Panchayat are also entitled to get Rs.15,67,505/- on priority basis to keep them at par along with other workmen and Secured Creditors of the Company in Liquidation and thereafter, on the basis of revised ratio proposed in para 19 of the report dated 19.1.2020 filed by the Official Liquidator, the amount lying in the account of the Company in Liquidation is required to be disbursed. Revised ratio proposed in paragraph 19 of the report dated 19.1.2020 reads as under :-
Sr. No
Name of the Secured Creditor / Worker Union
Claim Amount (Rs.)
Ratio in (%)
1
Shree Audhyogik Majoor Mahajan Sangh (Workers Union) and Gujarat Mazdoor Panchayat
11367288
+2740393
14107681
1.61
2
State Bank of India
542883072
62.12
3
Industrial Development Bank of India
159341237
18.23
4
Life Insurance Corporation
45187148
5.17
5
Kotak Mahindra Bank
112432852
12.86
Total
873951990
100
It appears from the said report that the Company in Liquidation is having fund of Rs.7,39,89,966/- as on 30.11.2019.
In view of submission made by learned advocates appearing for the respective parties as well as considering the report dated 9.1.2020 filed by the Official Liquidator, the Official Liquidator is hereby directed to disburse an amount of Rs.15,67,505/- amongst 28 workmen represented by M/s. Gujarat Mazdoor Panchayat by way of present application to keep them at par with other workmen of Company in Liquidation and thereafter disburse an amount of Rs.7,20,00,000/- as per ratio proposed by the Official Liquidator in paragraph 19 of report dated 9.1.2020 amongst Secured Creditors and all workmen of the Company in Liquidation through RTGS/NEFT mode on the basis of usual undertaking filed by Secured Creditors and workmen's Union of the Company in Liquidation.
In view of the above, the present application stands disposed of.