Blogs about: Maharashtra
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नमसते!!!!!!!(that says Namaste for all who aren't polyglots
wrote 2 hours ago: नमसते!!!!!!! (that says Namaste for all who aren’t polyglots like Maya) Well, we made it. We a … more →
Vimsn Nsgsr and Pune Airport
wrote 3 hours ago: The airport is situated at nearly 10 kms away in the northeast direction of central pune. The neares … more →
Over 15,000 MW capacity plants stuck due to zero supply by RIL well as private power plants
wrote 4 hours ago: Six of NTPC’s seven gas-based power plants have zero gas available with them Over 15,000 MW ga … more →
Kas Plateau
wrote 8 hours ago: Kas plateau is a beautiful valley of flowers. … more →
Tata Nano
wrote 8 hours ago: Senior citizens of India are generally associated with vedanta or restricting themselves to homes. T … more →
It looks like rain...
wrote 9 hours ago: …and it has been looking that way for the past many days. Today I woke up early in the morning … more →
Fewer daughters for India's doctors, suggests shocking report
wrote 11 hours ago: Written by Tejas Mehta | (Representational pic) Mumbai: It is a well-established fact that many doct … more →
About
wrote 12 hours ago: Dear visitor/follower my name is Rajesh Jhawar, A male From India. I have created a new creation of … more →
Eagle's flight
wrote 22 hours ago: Posted from WordPress for Android … more →
Mission
wrote 1 day ago: My mission is to save Health and Wealth. Today 7% to 15% of income of each family is spend on medici … more →
SINHAGAD - The Lion's Fort...
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wrote 1 day ago: Hey guys, I had an excellent trip with my buddies (four of them). We traveled 33 kilometers outside … more →
pari passu= whether the claims of the workmen who claimed to be entitled to payment pari passu have to be considered by the official liquidator or whether their claims have to be adjudicated upon by the Debts Recovery Tribunal (for short, 'DRT') is likely to arise in a large number of cases where recoveries are sought to be made pursuant to the certificates issued by the DRT and, therefore, these appeals required consideration preferably by a Bench of three-Judges. This is how these appeals have come up before us.= (i) If the debtor company is not in liquidation nor any provisional liquidator has been appointed and merely winding up proceedings are pending, there is no question of distribution of sale proceeds among secured creditors in the manner prescribed in Section 19(19) of the 1993 Act. (ii) Where a company is in liquidation, a statutory charge is created in favour of workmen in respect of their dues over the security of every secured creditor and this charge is pari passu with that of the secured creditor. Such statutory charge is to the extent of workmen's portion in relation to the security held by the secured creditor of the debtor company. (iii) The above position is equally applicable where the assets of the debtor company have been sold in execution of the recovery certificate obtained by the bank or financial institution against the debtor company when it was not in liquidation but before the proceeds realized from such sale could be fully and finally disbursed, the company had gone into liquidation. In other words, pending final disbursement of the proceeds realized from the sale of security in execution of the recovery certificate issued by the debt recovery tribunal, if debtor company becomes company in winding up, Section 529A read with Section 529(1)(c) proviso come into operation and statutory charge is created in favour of workmen in respect of their dues over such proceeds. (iv) The relevant date for arriving at the ratio at which the sale proceeds are to be distributed amongst workmen and secured creditors of the debtor company is the date of the winding up order and not the date of sale. (v) The conclusions (ii) to (iv) shall be mutatis mutandis applicable where provisional liquidator has been appointed in respect of the debtor company. (vi) Where the winding up petition against the debtor company is pending but no order of winding up has been passed nor any provisional liquidator has been appointed in respect of such company at the time of order of sale by DRT and the properties of the debtor company have been sold in execution of the recovery certificate and proceeds of sale realized and full disbursement of the sale proceeds has been made to the concerned bank or financial institution, the subsequent event of the debtor company going into liquidation is no ground for reopening disbursement by the DRT. (vii) However, before full and final disbursement of sale proceeds, if the debtor company has gone into liquidation and a liquidator is appointed, disbursement of undisbursed proceeds by DRT can only be done after notice to the liquidator and after hearing him. In that situation if there is claim of workmen's dues, the DRT has two options available with it. One, the bank or financial institution which made an application before DRT for recovery of debt from the debtor company may be paid the undisbursed amount against due debt as per the recovery certificate after securing an indemnity bond of restitution of the amount to the extent of workmen's dues as may be finally determined by the liquidator of the debtor company and payable to workmen in the proportion set out in the illustration appended to Section 529(3)(c) of the Companies Act. The other, DRT may set apart tentatively portion of the undisbursed amount towards workmen's dues in the ratio as per the illustration following Section 529(3)(c) and disburse the balance amount to the applicant bank or financial institution subject to an undertaking by such bank or financial institution to restitute the amount to the extent workmen's dues as may be finally determined by the liquidator, falls short of the amount which may be distributable to the workmen as per the above illustration. The amount so set apart may be disbursed to the liquidator towards workmen's dues on ad hoc basis subject to adjustment on final determination of the workmen's dues by the liquidator. (viii) The first option must be exercised by DRT only in a situation where no application for distribution towards workmen's dues against the debtor company has been made by the liquidator or the workmen before the DRT. (ix) Where the sale of security has been effected in execution of recovery certificate issued by the DRT under the 1993 Act, the distribution of sale proceeds has to be made by the DRT alone in accordance with Section 529A of the Companies Act and by no other forum or authority. (x) The workmen of the company in winding up acquire the standing of the secured creditors on and from the date of winding up order (or where provisional liquidator has been appointed, from the date of such appointment) and they become entitled to the distribution of sale proceeds in the ratio as explained in the illustration appended to Section 529(3)(c) of the Companies Act. (xi) Section 19(19) of the 1993 Act does not clothe DRT with jurisdiction to determine the workmen's claim against the debtor company. The adjudication of workmen's dues against the debtor company in liquidation has to be made by the liquidator. In other words, once the company is in winding up the only competent authority to determine the workmen's dues is the liquidator who obviously has to act under the supervision of the company court and by no other authority. (xii) Section 19 (19) is attracted only where a debtor company is in winding up or a provisional liquidator has been appointed in respect of such company. If the debtor company is not in liquidation or if in respect of such company no order of appointment of provisional liquidator has been made and merely winding up proceedings are pending, the question of distribution of sale proceeds among secured creditors in the manner prescribed in Section19(19) of the 1993 Act does not arise.= the claims of the workmen who claim to be entitled to payment pari passu have to be considered and adjudicated by the liquidator of the debtor company and not by the DRT. We answer the question accordingly. 74. The impugned judgment is set aside. The Debt Recovery Tribunal, Mumbai III and the official liquidator of the Company shall proceed further now concerning workmen's dues as indicated in this judgment. The appeals are allowed with no order as to costs. All pending applications stand disposed of.
wrote 2 days ago: ‘ English: Gateway of India, Mumbai, originally uploaded at Gateway of India.jpg (Phot … more →
ZTE get into Indian Smartphone current market with 5 new mobile phones by October 2013
wrote 2 days ago: ZTE Telecommunications Native indian, possessed by of China’s ZTE Corp has declared that it would ge … more →
Splurge in Mussoorie, Coorg and Maharashtra!
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wrote 2 days ago: Beautiful Mussoorie If you have lived in a city for a long time when everyone is a busy bee and ever … more →
There is something for you in Delhi, Agra, Jaipur, Mahabaleshwar, and Munnar!
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wrote 2 days ago: One of the things I love to do when I travel is to find treasures in my destination. It’s from … more →
India retains fifth position in global wind energy market states like Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra ,
wrote 2 days ago: Despite poor pace of capacity addition in the states like Tamil Nadu, Andhra Pradesh, Karnataka and … more →
Shaniwar Wada, Pune 6
wrote 2 days ago: Baji Rao Balaji Bhat, or Baji Rao I, built Shaniwar Wada as his residence in 1730-32. He was a great … more →
Sunday
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wrote 2 days ago: This slideshow requires JavaScript. 16.683467 74.459684 … more →
Mumbai
wrote 2 days ago: Dhobis at work in the slum of Dharavi. Dabbawalas delivering lunch boxes from residences to the work … more →
