BENGALURU: The Special Officer and Competent Authority of I-Monetary Advisory (IMA) Ponzi case, and other KPID cases, on Tuesday issued a detailed press note about the total claim applications received, and steps taken to settle the dues in a phased manner.
The Competent Authority claimed to have received around 69,000 claim applications for a total claim amount of Rs 2,600 crore, from depositors of IMA. In view of shortage of available assets of the IMA Group, compared to dues to be paid to depositors, the Special Court ordered settlement of dues by deducting returns on deposits already received by the depositors.
Even after this method was applied, the total dues amounted to around Rs 1,260 crore, which is much higher compared to the attached assets of Rs 400 crore. In view of this, the Special Court ordered that dues of smaller investors, who had deposited up to Rs 2 lakh and whose dues are less than Rs 50,000, should be settled on priority.
On March 7, 2022, the court confirmed provisional attachment of properties in the IMA case under common orders relating to a number of clubbed cases. The order covered immovable properties totalling around Rs 105 crore, and cash/DDs in the bank totalling around Rs 23.5 crore. The Competent Authority has initiated steps for auction of immovable properties.
As on April 4, the authority released the available balance amount of Rs 13.26 crore directly into bank accounts of depositors to settle 3,400 claim applications of less than Rs 50,000 each. Earlier, the authority had released around Rs 5.5 crore to settle 3,740 claim applications, and as on date, the authority claims to have settled 6,800 claim applications, with a total release of around Rs 18.8 crore.
The Competent Authority anticipates clearance of dual attachment of the Enforcement Directorate (ED) shortly, enabling it to transfer another Rs 11.5 crore, which would settle dues of another 4,000 claim applications with dues of up to Rs 50,000.