IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
BHARGAV D. KARIA, J.
OL of The Abhiyog Holdings Private Limited (In Liqn) - Applicant
Versus
NA - Respondent
R/Official Liqudator Report No. 2 of 2023 In R/Company Petition No. 180 of 2007
Decided On : 10-01-2023
Companies Act, 1956 – Section 481, 529, 529A, 530, 559 – Company in Liquidation – Invitation of Claim – Companies (Court) Rules, 1959 – Rule 281 – Report Companies Act, 1956 official Liquidator has prayed for dissolution of company – Report that vide order passed in COMP above-named company was ordered to be wound up and Official Liquidator attached with this Court was appointed as Liquidator company with direction to take possession of all assets of company in liquidation – Held, Chartered Accountants towards preparation of Auditor’s Certificate from Account of company in liquidation maintained by Office of Official Liquidator and may be pleased permit Official Liquidator to transfer remaining fund to Common Pool Account maintained by Office of Official Liquidator – Learned advocate for Official Liquidator and on perusal of record of this report and case and considering ratio laid down by Apex Court – Report is allowed.
ORDER :
1. Heard learned advocate Ms. Bhoomi M. Thakore for the applicant.
2. By this report under Section 481 of the Companies Act, 1956, the official Liquidator has prayed for dissolution of the company, named, M/s. Abhiyog Holdings Ltd(In Liquidation).
3. It is further stated on the report that vide order dated 21.02.2008 passed in COMP No.180 of 2007, the above-named company was ordered to be wound up and the Official Liquidator attached with this Court was appointed as the Liquidator of the above-named company with direction to take possession of all the assets of the company in liquidation. The Official Liquidator has been discharging its duties and function since then.
4. That pursuant to the order, 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 Ex-Directors of the company.
5. It is further stated in the report that the Official Liquidator after examination of records wrote letters to Ex-directors, Petitioning Creditors and all other concerned, the Official Liquidator deputed his officials and taken possession of Company’s Registered Office situated at 4th Floor, Vanijay Bhawan, Opp. Deewan Ballubhai School, Kankaria Road, Ahmedabad. Thereafter, the Official Liquidator filed compliance report bearing OLR No. 120 of 2008, interalia seeking ratification of taking possession of aforesaid Registered Office as well as also sought to constitute Asset Sale Committee comprising Official Liquidator and Dy. Registrar of this Court.
6. It is further stated on report that vide order dated 08.05.2008 passed in OLR No. 120 of 2008, rectified of the action of the Official Liquidator of taking possession of company’s registered office as well as also constituted Asset Sale Committee for sale of the asset of the company in liquidation.
7. It is further stated on report that vide order dated 14.10.2008 passed in Official Liquidator Report No. 207 of 2008 was pleased to confirm the sale of office No.410, situated at Vanijaya Bhavan, 4th Floor, Opp. Diwan Ballubhai School, Kankaria Road, Ahmedabad of the company in liquidation in favour of Rajasthan Gaud Brahmin Samity for an amount of Rs.5,40,000/-.
8. It is stated on report that thereafter vide order dated 08.07.2021 passed in OLR No. 114 of 2021, this court was pleased to permit the Official Liquidator to invite claims from creditors and workmen of the company in liquidation under Section 529, 529A & 530 of the Companies Act, 1956 by publishing notice of invitation of claim in “Gujarat Samachar” Gujarati Script and “Economic Times” English Script both in Ahmedabad editions. However, the Office of the Official Liquidator has not received any claim from claimants of the company in liquidation
(1) It is further stated on report the Official Liquidator most respectfully submits that on perusal List “E” i.e. Unsecured Creditor of Statement of Affairs filed by the ex-directors of the company in liquidation under Section 454 of the Companies Act, 1956, it seems that there are total 11 Unsecured Creditors of the company in liquidation and out of which two Unsecured Creditors company i.e. M/s. Nachmo Textile (M/s. Nachmo Knitex Ltd.,) and M/s. Argus Cloth Pvt. Ltd., both the companies are in liquidation pursuant to the orders passed by this Hon’ble Court and the Official Liquidator attached with this Hon’ble Court is the Liquidator of both the companies. Their total outstanding dues against company in liquidation is Rs.13,55,61,924/- and Rs.1,76,011/- respectively.
9. It is further submitted in the report that the Official Liquidator in view of direction in order dated 20.07.2022 passed in OL
The lack of funds and assets to proceed with the winding up proceedings justifies the dissolution of a company under Section 481 of the Companies Act, 1956.
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 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 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 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 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 the interpretation and application of Section 481 of the Companies Act, 1956, allowing for the dissolution of a company when the affairs have been ....
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