Early Times Report
JAMMU, Sept 1: The High Court of Jammu & Kashmir and Ladakh has permitted release of Rs 38.91 lakh to 145 eligible depositors having claims up to Rs 1 lakh each, while directing the Court-appointed Receiver to issue a public proclamation and call upon the claimants to receive their dues.
A Division Bench comprising Justice Rajnesh Oswal and Justice Sanjay Parihar, while dealing with PIL No. 292/2003 and connected applications, passed the directions after considering a report submitted by Court-appointed Receiver Senior Advocate Ajay Kumar Gandotra.
The Receiver informed the Bench that pursuant to an earlier direction of the Court, a list of 176 claimants with individual claims up to ?1 lakh had been prepared, involving a total outstanding liability of ?57,68,379. However, 31 claimants could not be traced.
Since the requisite fee had not been paid by those 31 claimants, the number of presently eligible claimants was found to be 145, involving a liability of ?38,91,719. The Receiver sought permission to release the amount and proposed publication of the details in a local daily newspaper followed by a proclamation asking the eligible claimants to come forward.
The High Court allowed the Receiver to satisfy the claims of the 145 depositors after adjusting any part payment already made. It directed that a proclamation be issued in a widely circulated newspaper, specifying the date, time and place where the claimants would have to appear for receiving their payments. Consideration of claims of the remaining 31 persons was deferred for the time being.
The Bench noted that under an order passed by the Supreme Court on April 12, 2006, the Receiver had been authorised to operate the company's bank accounts and first satisfy claims of depositors having deposits up to ?1 lakh, followed by those having deposits up to ?5 lakh, with the remaining depositors to be paid on a pro-rata basis.
During the proceedings, the Receiver also placed details of immovable properties from which recoveries could potentially be effected. The Court was informed that a property measuring 11 kanals and 14 marlas at Udheywala, Jammu, had earlier been put to auction for sale of leasehold rights but received no response, apparently due to the short period of lease remaining.
The Division Bench directed the Receiver to file, within three weeks, an affidavit detailing the present status of the immovable properties against which recovery is proposed, including the nature of occupation of such properties.
The Court further directed that the money lying in the concerned bank account be placed in an interest-bearing Fixed Deposit for an initial period of six months, to be renewed thereafter at regular intervals.
The Bench also permitted appointment of Advocate Vikrant Jijyal as Office Assistant to the Receiver at a monthly remuneration of ?12,000, to be paid from the company's accounts, considering the voluminous record requiring scrutiny.
Appearing in the matter were Senior Advocate Ajay Kumar Gandotra with Advocate Vikrant Jijyal, Senior Advocate Shivani Jalali with Advocate Anjana Rana and Advocate Madan Lal. On the respondents' side, Senior Advocate Monika Kohli with Advocate Sagira Jaffar, Senior Advocate R.P. Sharma with Advocate Rohit Gupta, and Advocate Pariksha Parmar appeared.
The matter has been ordered to be listed again on September 25, 2026. (JNF) |
