Provisional Liquidator For Alpic

The Bombay High Court has held that pending the hearing and final disposal of the Small Industries Development of India (SIDBI) petition against Alpic Finance, a provisional liquidator be appointed for Alpic.

The provisional liquidator is to be vested with the power to recover and realise all Alpic assets and properties and in particular the lease rentals/hire purchase installments receivable by the company from the loan given by the petitioners to the company. However, the liquidator will not have all powers under the Companies Act of 1956.

Pending the hearing and final disposal of the petition, Alpic has been directed to furnish to the applicants/petitioners and/or to the provisional liquidator, as the case may be, a complete detailed statement showing the names and addresses of the concerned lessees or hirers of the equipment, assets acquired by the company from the loan granted by the applicants petitioners.

The respondent, in its affidavit-in-reply, has stated that it has acquired immovable properties from various debtors towards settlement of its dues.

Alpic said it has other assets free from encumbrances in the form of properties, shares and decrees apart from debts and receivables, which the respondent shall be providing as a security as envisaged in the proposed scheme of arrangement for banks, financial institutions and foreign lenders.

According to Alpic, Sidbi had granted loan of Rs 35 crore to it, of which Rs 44 crore has been paid. Sidbi has claimed additional Rs 9 crore as penal interest and additional charges. As the Alpic refused to pay this amount Sidbi had in 2000, filed a petition under the provisions of the Companies Act for recovery of dues.

The NBFC has outstanding fixed deposits of Rs 19 crore and bonds of Rs 27 crore. It has a stock of lease and hire purchase assets and receivable of Rs 475 crore.