MINISTER OF FINANCE (SHRI JASWANT SINGH)
(a) Since April 2001, of these 658 companies, list of creditors (including workmen) in respect of 27 have been submitted to the High Court by the Official Liquidator.
(b) With regard to M/s. Western Paques (I) Ltd.:
(i) The premises at Pandurang Colony were handed over to Mrs. Nalini S. Kulkarni in pursuance of the order dated 5.2.99 passed by the High Court.
(ii) The premises at Western House Lane No. 5 Prabhat Road Pune were handed over to M/s. Three A Enterprises and M/s. Gadgil Investment Pvt. Ltd. in accordance with the directions given by the High Court.
(iii) Of the total receipts of Rs. 55,12,081/- the OL has paid a compensation of Rs. 9,44,936/- to M/s. Three A Enterprises; Rs. 17,18,065/- to M/s. Gadgil Investment Pvt. Ltd.. Further, the OL has made a payment of Rs. 7,53,856/- to M/s. Bhagwati Allied Services for security charges for guarding the premises of the company.
(iv) The OL has received 26 claims from workmen for an aggregate amount of Rs. 13,23,235 as also claims from deposit holders and shareholders. The balance available with the OL as on date is approximately Rs. 20 lakhs.
(c) The Companies (Second Amendment) Act, 2002 passed by the Parliament in December 2002 provides for the establishment of the National Company Law Tribunal and a new insolvency regime with the objective of expeditious disposal of company cases, including those of liquidation.
