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DHARMESH SHARMA
Kotak Mahindra Bank Ltd. – Appellant
Versus
Manisha Parivahan (P. ) Ltd. – Respondent
JUDGMENT
CO. APPL. 641/2023 (UNDER SECTION 481 OF THE COMPANIES ACT, 1956)
1. This is an application filed by the Official Liquidator under Section 481 of the Companies Act, 1956[The Act] read with Rule 9 of the Companies (Court) Rules, 1959[Rules], praying that the respondent company (in liquidation) be dissolved and the Official Liquidator be discharged as its Liquidator.
2. This application for dissolution of the company (in liquidation) has been moved in the present Company Petition preferred under Section 433(1)(e) read with Sections 434 and 439 of the Companies Act, 1956 by the petitioners, who sought winding up of the respondent company on the ground that the respondent company was unable to pay its debts amounting to Rs. 28,61,469/- despite serving of statutory notice dated 22.06.2009.
3. This Court in exercise of its jurisdiction vide order dated 05.08.2011, directed the respondent company to be wound up provisionally and an Official Liquidator attached to this court was appointed as the Provisional Liquidator of the company. Furthermore, the respondent company, its Directors, officers, employees, authorised representatives were restrained from selling, alienating, encumberin
The central legal point established in the judgment is the application of Section 481 of the Companies Act, 1956 for the dissolution of a company in liquidation.
The main legal point established in the judgment is the interpretation and application of Section 481 of the Companies Act, 1956, allowing for the dissolution of a company when the affairs have been ....
The court can order the dissolution of a company under Section 481 of the Companies Act, 1956 when the Official Liquidator cannot proceed with the winding up of the company due to lack of funds or as....
The main legal point established in the judgment is that under Section 481 of the Companies Act, 1956, a company can be dissolved when the affairs of the company have been completely wound up or when....
The central legal point established in the judgment is the application of Section 481 of the Companies Act, 1956, for the dissolution of a company in liquidation.
Final dissolution of a company is warranted under Section 481 when no assets remain and no claims have been received from creditors, affirming the necessity for liquidation procedures.
The central legal point established in the judgment is that when a company has no assets and no claims are received from creditors, it may be dissolved under the Companies Act.
The central legal point established in the judgment is the application of Section 481 of the Companies Act, 1956 for the dissolution of a company when it is just and reasonable in the circumstances o....
The lack of assets for realization in the interest of the creditors can be a ground for ordering the dissolution of a company under Section 481 of the Companies Act, 1956.
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