OFFICIAL LIQUIDATOR OF SHETTY COASTAL DEVELOPMENT PVT. LTD. (IN PROV. LIQN.)versusMRS. MOTEE J.MORMUEDI (PETITIONER)

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                IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                     ORDINARY ORIGINAL CIVIL JURISDICTION


                OFFICIAL LIQUIDATOR REPORT NO. 65 OF 2026
                                             IN
                      COMPANY PETITION NO. 990 OF 2002


                                              In       the   matter   of     the   Companies
                                              Act,1956
                                                               And
                                              In       the   matter    of     Shetty    Coastal
                                              Development Pvt Ltd. (in Liquidation)


Mrs. Motee J. Mormuedi                                                          ...Petitioner
                                          _______
Ms. Apurva Thipsay, for Official Liquidator.
Mr. Satyajit Roul, Official Liquidator present.
Mr. Chetan Shelke, Deputy Official Liquidator present.
                                         _______


                                      CORAM :           ARIF S. DOCTOR, J.
                                      DATE         :    18th MARCH 2026
P.C.

1.      Heard Ms. Thipsay, learned counsel appearing on behalf of the Official

Official Liquidator, who by way of the captioned Official Liquidator Report seeks

the following directions/ order:

           “a) In view of Para (11) above, whether this Hon'ble Court may be pleased to
           permit the Official Liquidator to declare dividend @1.24 paise in a rupee
           out of the funds available to the credit of the Company (In Prov.Liqn.) for the
           sum of Rs.6,01,484/- (Rupees Six Lakh One Thousand Four Hundred Eighty
           Four Only) to The Kalyan Janata Sahakari Bank Ltd under Section 529 of
           Companies Act, 1956;

           b) In view of para (12) above, whether this Hon'ble Court would be pleased




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           to dispense with the requirements of Rule 276 of the Companies (Court)
           Rules 1959 in respect of newspaper advertisement and permit the Official
           Liquidator to send the individual dividend notice to the claimant by Speed
           Post A.D. to its last known address and payment to claimant will be made
           through NEFT/RTGS to their Bank A/c as per details been provided by the
           claimant in the ECS mandate form;

           c) In view of para (13) above, whether this Hon'ble Court would be pleased
           to dispense the requirements of opening "Separate Dividend Account" under
           Rule 290 of the Companies (Court) Rules, 1959 and allow the Official
           Liquidator to pay the dividend @1.24 paise in a rupee of Rs.6.01.484/-
           (Rupees Six Lakhs One Thousand Four Hundred Eighty Four Only) from the
           funds lying to the credit of Company's account maintained by the Official
           Liquidator office;

           d) In view of para (14) of this report, whether this Hon'ble Court may be
           pleased to allow to pay dividend within a period of six months from the date
           of passing of this report and thereafter to transfer the unpaid /unclaimed
           amount to the Companies Liquidation Account maintained by the Registrar
           of Companies under Section 555 of Companies Act.”



2.      Ms. Thipasay, points out that the Company in question has two secured

creditors namely (i) Thane Janata Sahakari Bank Ltd. and (ii) Kalyan Janata

Sahakari Bank Ltd. She submits that in so far as the first secured creditor is

concerned, 100% of the dividend has been paid to the first secured creditor. She

submits that the present Report has been taken out for making payment to the

second secured creditor namely Kalyan Janata Sahakari Bank Ltd. She has

invited my attention in particular to paragraph no. 9, which sets out as follows:

            “9. That as no claims was received from any workers, the Official Liquidator
            submits that by Order dated 19/10/2006, the Official Liquidator declared
            dividend to the Secured Creditor of the Company (In Prov.Liqn), The Thane Janata
            Sahakari Bank Ltd, being the 1st Charge holder was paid an amount of
            Rs.1,00,26,545/- towards final dividend @ 100 paise in a rupee out of the sale
            proceeds and The Kalyan Janata Sahakari Bank Ltd. the 2nd Charge holder, was
            paid amount of Rs.9,70,135/- being dividend @2 paise în a rupee out of the sale
            proceeds. A table providing detail of claims and dividend paid is mentioned




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             below,”

 Sr. No. Particulars          Claims     Amount Admitted Dividend Paid    Dividend
                              Received                                    Percentage

 1.      The Thane Janata     10,196,769 10,026,545      10,026,545       100%
         Sahakari Bank Ltd.

 2.      The Kalyan Janata    61,229,187 48,506,771      970,135          2%
         Sahakari Bank Ltd.

 3.      M/s Dabhokar         760,000    760,000         0                -

                              72,185,956 59,293,316      10,996,680




3.      Having heard Ms. Thipasay and having perused the Report, I find that the

same would have to be allowed and is accordingly allowed in terms of prayer

clauses ‘a’ to ‘d’.




                                                         [ARIF S. DOCTOR, J.]




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