JUDGMENT :

Bhargav D. Karia, J.

Heard learned advocate Mr. Pathik M. Acharya for the applicant.

1. By this report under section 481 of the Companies Act, 1956, the official Liquidator has prayed for dissolution of the company, named, M/s. Square Deal Engineering Pvt. Ltd., (In Liquidation), which was ordered to be wound up vide order dated 24.08.2004 passed in Company Petition no. 245 of 2000.

2. The report indicate that consequent upon winding up order passed by this Court, the Official Liquidator deputed his Official at the Office of Registrar of Companies, Gujarat, Ahmedabad to inspect the records of the said company maintained by the office of the Registrar of Companies, Gujarat to find out the assets and properties, liabilities, address of Registered Office, factory premises, Secured Creditors, and names and addresses of the Directors, as on the date of winding-up order, wherein it was revealed that the authorized share capital of the Company in liquidation was Rs. 2,00,000/- and paid up share capital was Rs. 1,00,000/- and its registered office was situated at 77, Haribhakti Colony Extension, J. P. Road, Vadodara and also factory premises at 24/25A, GIDC, Vaghodia, Dist. Baroda and Mr. Vipul V Vora, Mrs. Nirmalaben P. Vora, Ashaben A. Vora, Dhirendra R. Shah and Avantiben V. Vora were Ex-Directors of the company and also reveal that Bank of Baroda, Old Padra Road Branch at Vadodara was secured creditor of the company under liquidation.

3. The Official Liquidator, on being appointed and in compliance of winding up order after issuing letters to Secured Creditor, Ex-directors, Petitioning Creditors and all other concerned, the Official Liquidator deputed his officials to take over possession of Company's Registered Office as well as Factory Premises on 12.01.2005. The Official of the Official Liquidator could not take possession of company's registered office situated at 77, Haribhakti Colony Extension, J. P. Road, Vadodara since at time of possession, the owner of the said premises as well as ex-directors provided supporting documents to prove that said premises didn't belong to company in liquidation.

4. It is also mentioned in the report that thereafter, the Official of the Official Liquidator had taken possession of company's factory premises situated at 24/25A, GIDC, Vaghodia, Dist. Baroda, in presence of authorized representative of Bank of Baroda and Ex-Director of the company in liquidation and after taking possession, the Official Liquidator filed compliance report being OLR No. 31 of 2005 wherein praying various direction including constitution of sale committee for sale of assets and properties of the company in liquidation. This Court vide order dated 04.11.2006 passed in OLR No. 31 of 2005 constituted sale committee for sale of assets and properties of the company in liquidation and also permitted the Official Liquidator to appoint Panel Valuer to carry out Valuation of factory premises of the company in liquidation.

5. It is also indicated that due to non filing of statement of affairs under section 454 of the Companies Act, 1956, the Official Liquidator filed Criminal Case being O. J. Criminal Case No. 01 of 2005 against Ex-Directors of the company in liquidation under Section 454 (5) of the Companies Act, 1956, which was disposed of on 08.02.2007 by imposing penalty of 45,000/- on ex-directors of the company in liquidation.

6. Thereafter pursuant to the auction of the factory premises of the company under liquidation, the Official Liquidator filed sale report being OLR No. 138 of 2007 for confirmation of sale of assets and properties of the company in liquidation for sale consideration of 18.00 Lakhs.

7. Subsequently, Bank of Baroda, Sole Secured Creditor of the company in liquidation filed COMA No. 443 of 2009 inter-alia seeking direction against the Official Liquidator to disburse Sale Proceeds to them. In the