Bhanu Bhai Shah v. Bharat Carpets Ltd

ORDER % 02.11.2011 After some arguments, it is agreed between the parties that as there is likelihood of the company being revived, the propounders should pay further simple interest of 5% from the date of final winding up i.e. 18th May, 1987 till date. The said amount shall be paid by the propounders after the second motion petition is allowed by this Court, but before the certified copy of the Scheme of Revival/Arrangement is issued to them. It is made clear that in case the company is not revived or the Scheme of Revival/Arrangement is not approved by this Court, then the unsecured creditors would not be entitled to any interest beyond the date of final winding up i.e. 181h May, 1987. In that event, the unsecured creditors would be entitled to agitate their rights in accordance with law. With the aforesaid modification, the impugned order passed by the Official Liquidator granting refund of claim plus 10% interest upto the date of final winding up is upheld. The amount determined by the Liquidator upto the date of final winding up i.e. 18 t May, 1987 shall be forthwith released to the appellants. The amount lying in the bank account of the respondent company in liquidation with the Registry of this Court is directed to be transferred forthwith to the account of the company maintained by the Official With the aforesaid directions, present appeals and pending applications stand disposed of as satisfied. IL~ MANMOBANJ NOVEMBER 02, 2011 is

2tolO $ * IN THE HIGH COURT OF DELHI AT NEW DELHI + CO. APP.(SB) 58/2011 & CO. APPL. 2072/2011 ISH WAR GARG Through Mr. A.K. Thakur, Advocate. + CO. APP.(SB) 59/2011 & CO. APPL. 2073/2011 ADISH MITTAL Through Mr. A.K. Thakur, Advocate. + CO. APP.(SB) 60/2011 & CO. APPL. 2074/2011 SHYAM SUNDER Through Mr. A.K. Thakur, Advocate. BHARAT CARPETS LTD. .....Respondent Through Mr. Mayank Goel, Advocate for Official Certify that the digital file and physical file have been compared and the digital data is as per the physical file and no page is missing. ~r' 5. + CO. APP.(SB) 61/2011 & CC BHANU BHAI SHAH APPL. 2075/2011 Mr. A.K. Thakur, Advocate. + CO. APP.(SB) 62/2011 & CO. APPL. 2093/2011 MIS. KHEM CHAND CHETAN PRAKASH Through Mr. C.S. Gupta, Advocate. Through Mr. Mayank Goel, Advocate for Official + CO. APP.(SB) 63/2011 & CO. APPL. 2094/2011 MIS. GAJ LAXMI DHAN KUBER .....Appellant Through Mr. C.S. Gupta, Advocate. Mr. Mayank God, Advocate for Official 8. + CO. APP.(SB) 64/2011 & CO. APPL. 2095/2011 MIS. NTJTAN TRADING CO. .....Appellant Through Mr. C.S. Gupta, Advocate. Mr. Rahul Gupta, Mr. Shekhar Gupta and Mr. Suraj Choudhary, Advocates. Mr. Rahul Gupta, Mr. Shekhar Gupta and Mr. Suraj Choudhary, Advocates. Mr. Mayank God, Advocate for Official + CO. APP.(SB) 67/2011 M/S. GYAN CHAND RAM JIT DAS AND + CO. APP.(SB) 68/2011 M/S. VIJAY & BROTHERS CORAM: HON'BLE MR. JUSTICE MANMOHAN