JUDGMENT

(Prayer: Application filed under Section 481 of the Companies Act, 1956 read with Rule 9 and 11(b) of the Companies (Court) Rules, 1959 praying

a) to take this report on record;

b) To pass an order that, it is just and reasonable to dissolve M/s.Golden Films Private Limited (under liquidation) finally u/s.481 of the Companies Act, 1956 and accordingly to pass consequential orders;

c) to permit the Official Liquidator to file the final account along with Auditor's Certificate received from Chartered Accountant M/s.Sarathy & Vasu, who was appointed by this Court;

d) To permit the Official Liquidator to transfer, refund, if any received from the Income Tax Department on a future date to undistributed assets account under Section 555 of the Companies Act, 1956;

e) To grant permission to transfer the balance amount lying to the credit of the company in Liquidation to the Companies Liquidation Account as Undistributed Assets as envisaged under Section 555(2) of the Companies Act, 1956 after meeting all the expenses related to the winding up proceedings of the subject company including the present application;

f) To permit the Official Liquidator to dispose of books and papers of M/s.Golden Films Private Limited immediately after the expiry of 5 years from the date of dissolution of the company as per Section 550(1) and (2) of the Companies Act, 1956;

g) To pass such further or other order/s as this Court may deem fit and proper in the circumstances of the case.)

1. This common order will now dispose of the captioned Company Application i.e., Company Application No.309 of 2022 and captioned main Company Petition i.e., 'Company Petition No.30 of 1963' [hereinafter 'main CP' for the sake of brevity, convenience and clarity].

2. 'Golden Films (P) Limited' [hereinafter 'said company' for the sake of brevity and convenience] is the Company which has gone into liquidation in the captioned main CP at the instance of some petitioning creditors.

3. Captioned application has been taken out by the 'Official Liquidator attached to this Court' [hereinafter 'OL' for the sake of brevity] inter alia under Section 481 of 'The Companies Act, 1956' [hereinafter 'said Act' for the sake of convenience and clarity] with a prayer for dissolution of said Company.

4. Mr.Pamarthi Sridhar, learned OL who is before this Court submits that 'a report dated 25.08.2022' [hereinafter 'said report' for the sake of convenience] has been filed in support of captioned application. Adverting to said report, learned OL submits that this Company Court in and by an order made way back on 04.09.1964 appointed the OL as Liquidator qua said Company with directions to take charge of assets and effects of said Company. Thereafter, the trajectory which the liquidation process took and what unfurled as part of the liquidation has been set out in Paragraphs 3 to 13 of said report, which read as follows:

3. That the company's Registered office was situated at 49/1, Karaneeswarar Koil Street, Mylapore, Chennai - 600 004. The Official Liquidator took possession of the books of accounts, records, movables and immovable assets of the company in liquidation. The company in liquidation owned a land at Arcot Road, Virugambakkam, Chennai to an extent of 23 acres and 66 cents with building and structures on it.

4. That this Hon'ble High Court, by an order dated 17.12.1976 sold the said property at Virugambakkam to Central Warehousing Corporation for a sum of Rs.20,00,000/-. Upon remittance of the entire sale consideration of Rs.20,00,000/-, the Official Liquidator handed over the property to the Central Warehousing Corporation.

5. That pursuant to the order of this Hon'ble High Court dated 02.07.1967, claims were invited from the creditors in terms of section 474 of the companies Act, 1956 read with Rule 148 of Companies (Court) Rules, 1959. In response to the paper publication, the Official Liquidator received 15 claims from various categories of creditors and the said cla