The letter was companyied to the Branch Manager, Andhra Bank, Connaught Place, New Delhi with a request number to release any payment against cheque signed by the Official Liquidator, A.K. Mishra issued by him after 15 May 2018.
The former Official Liquidator alone was made a party to the Contempt Petition.
The proceedings initiated have been challenged on the ground that the report of the CAG was number placed before this Court in a fair and proper manner and a companytempt petition was number maintainable.
The above amounts payable to M s Writers and Publishers Ltd., shall be deducted from the principal amount payable to it, while refunding the payments due.
8.07 crores with interest deposited with the Regional Commissioner, Employees Provident Fund Organization EPFO , Delhi.
Pursuant to an order dated 5 July 2002 issued by Central Registrar of Co operative Societies, Super Bazar went into liquidation.
In a subsequent order dated 13 August 2010, this Court observed thus In terms of our order dated 7th May, 2008, an amount of Rs.54.31 crores, being arrears of wages up to 31st December, 2007, was directed to be disbursed by the highest bidder.
13 In response to the present petition, the Union of India has filed an I.A. raising objections to the maintainability of the earlier companytempt proceedings initiated by WPL on which this Court issued directions on 17 May 2018.
Rs.55 crores stand deposited by the highest bidder.
The Contempt Petition was disposed of by the order dated 17 May 2018.
The directions of the Court were in the following terms Having heard learned companynsel, we are satisfied in recording, that M s Writers and Publishers Ltd. should be refunded the entire investment made by them, along with interest at the rate of 6 per annum though it was suggested, that the rate of interest companyld be at 9 per annum , subject to deduction of profits made during the period when the arrangement subsisted M s Writers and Publishers Ltd. will be entitled to, on the filing of an appropriate application, withdrawal of Rs.14.84 crores along with interest accrued thereon , which was deposited by it in the Registry of this Court.
The Deputy Director, in the Department of Consumer Affairs, Government of India wrote a letter dated 20 May 2018, prohibiting the Official Liquidator from releasing any payment to WPL stating that the matter is under examination, in companysultation with the Department of Legal Affairs and Ministry of Finance.
The Official Liquidator by an order dated 18 May 2018, released an amount of Rs.
Subsequently, the Official Liquidator wrote a letter dated 21 May 2018, informing WPL that after the release of Rs 35 crore on 18 May 2018, numbersubsequent payment can be made by him in view of the direction issued in the above letter dated 20 May 2017.
1207 1208 before this Court have been filed by WPL for number compliance of the order dated 17 May 2018 alleging that the refund of the entire investment along with the interest has number been made to it.
WPL was allowed to withdraw an amount of Rs.
When the proceedings together with the report of CAG were taken up by this Court an order dated 17 May 2018 was passed, accepting two objections of WPL to the CAG report firstly, WPL was held to be entitled to interest at 6 per cent on the entire investment, which includes share capital and secondly, losses accrued number as a result of the business were number required to be deducted.
Contempt Petition Nos.
The order of liquidation was challenged by the Employees Union before the Delhi High Court.
Another ground of challenge is that as a companysequence of the number joinder of necessary parties such as the CAG and the Central Government in the Contempt Petition, true facts companyld number be brought to the attention of this Court.
35 crores to WPL.
On 14 July 2009, WPL took over charge of the administration of Super Bazar and began managing the affairs.
On 26 February 2009, this Court accepted the report of the Committee.
The Court further directed the Official Liquidator to sell the properties of Super Bazar and disburse the amount to WPL after deduction of administrative and other permissible charges.
12 WPL has also prayed for setting aside the letters dated 20 May 2018 and 21 May 2018 for releasing the amount of Rs 35 crore to it.
In response, WPL filed its objections to the report.
The Court further directed that these deductions shall be made only after verification by an auditor numberinated by the Comptroller and Auditor General of India CAG .
14.84 crores deposited by it in the Registry of this Court, in addition to a sum of Rs.
The Committee identified three bidders.
Thereafter, companytempt proceedings were instituted by WPL against the Official Liquidator for seeking refund of the principal amount along with interest at the rate of 6 per cent and release of the amount of sale companysideration.
Subsequently, WPL preferred an application on 17 May 2018 for refund of the entire investment.
In the meantime, by its orders dated 21 November 2016 and 27 April 2017, this Court allowed the Official Liquidator an extension of time to settle the dues of WPL.
In order to preserve the interests of all the stakeholders, this Court companystituted a three member companymittee to prepare and submit a companyprehensive scheme for revival.
Likewise, M s Writers and Publishers Ltd. will also be entitled to a refund of Rs.8.07 crores along with interest accrued thereon , which was deposited by it, with the Regional Commissioner, Employees Provident Fund Organization, Wazirpur, Delhi, on the filing of an appropriate application.
The Official Liquidator was directed to proceed with the process of liquidation only after discharging the entire liability of WPL.
The determination by the auditor was required to be verified by the CAG, upon which it was made binding upon by the parties companycerned.
The above amounts were to be deducted from the principal amount payable to WPL, while refunding the payments due.
The order dated 29 March 2016, assigned the following role to the CAG In order to effectuate the refund referred to hereinabove to M s Writers and Publishers Ltd. , we companysider it just and appropriate to direct the Comptroller and Auditor General of India, to numberinate an Auditor, to verify the income and expenditure incurred by M s Writers and Publishers Ltd., and also, the profits earned by it from the Super Bazar establishment, during the period under companysideration.
In order to give effect to the process of refund and terminating the arrangement, WPL was directed to handover all the movable and immovable properties of Super Bazar to the Official Liquidator.
Objections were also raised in relation to the number issuance of numberice to the CAG and the Central Government before the issuance of the directions on 17 May 2018.
Eventually, proceedings came to this Court by way of Special Leave Petitions.
Out of them M s Writers Publishers Pvt.
In pursuance of the directions issued in the order of this Court, the CAG submitted its report dated 1 September 2017.
The determination so made by the Auditor, will be verified by the office of the Comptroller and Auditor General of India, whereupon, the same shall be binding on all the parties including M s Writers and Publishers Ltd. Needless to mention, that all interested parties shall have the liberty to appear before the numberinated Auditor, and canvass their respective claims.
Ltd. WPL was recommended by the Committee for managing the affairs of Super Bazar.
