APHC010028802025 IN THE HIGH COURT OF ANDHRA PRADESH AT AMARAVATI [3311]

(Special Original Jurisdiction)

Thursday, The Thirtieth day of January, Two Thousand Twenty Five Present The Honourable Ms Justice B.S.Bhanumathi Company Application No.01 of 2025 Between:

The Official Liquidator of M/s.Polytechs Organics Limited ...Applicant (in Liqn.), and ----- ...Respondent Counsel for the appellant:

1. T.V.P.Sai Vihari(SC for official liquidator)

Counsel for the respondent:

1.

The Court made the following:

This company application is filed under sections 481,550 and 555 of Companies Act, 1956 r/w rules 281,282 and rule 9 of the Companies (Court)

Rules, 1959 to:-

i) form an opinion that the official liquidator cannot proceed with the winding up and that it is just and reasonable in the circumstances of the case to order for the dissolution of the company.

ii) take on record the half yearly accounts of the company (in liquidation) for the periods from 01-10-2022 to 31.03.2023; 01-04-2023 to 30-09-2023; 01-10-2023 to 31-03-2024;

01-04-2024 to 30-09-2024; 01-10-2024 to 08-01-2025 vide Annexure-M.

iii) dispense with auditing of the half yearly accounts of the company (in liquidation) for the periods from 01-10-2022 to 31-03-2023; 01-04-2023 to 30-09-2023; 01-10-2023 to 31-03-2024; 01-04- 2024 to 30-09-2024; 01-10-2024 to 08-01-2025, since there are either few transactions or nil transactions.

iv) dispense with the filing of annual/final accounts of the company in view of the filing of the audited half yearly accounts regularly in the company (in liquidation).

v) permit the official liquidator to transfer the balance amount available in company’s account after deducting all liquidation/incidental expenses of the winding up process such as auditor fee, central government fee, application fee, into the companies liquidation account in terms of section 555 of the Companies Act, 1956 as detailed in para 14 of the affidavit.

vi) order that M/s.Polytechs Organics Limited (in liquidation) be ordered to be dissolved with effect from the date of the order.

vii) permit the official liquidator to dispose/destroy the books and records of the company any day after the expiry of five years from the date of order of dissolution of the company as per section 550 of the Companies Act, 1956.

viii) permit the official liquidator to incur the cost of this application and other incidental expenses be met from and out of the funds of the company; and pass such order which this Court deems fit and proper.

2. The brief facts of the case in the petition are as follows:

On reference made by BIFR vide RCC No.04/1993, this Court by an order dated 15.12.1994 ordered the winding up of M/s.Polytechs Organics Limited and appointed the official liquidator attached to this Court as its liquidator and kept as incharge of all property and assets and the books and papers of the said company. (Annexure-A). The official liquidator issued notices to the ex-directors to handover possession of assets and books of accounts of the company (in liquidation), but they failed to file the statement of affairs. The official liquidator filed a complaint under section 454 of the Companies Act, 1956 vide C.A.No.257 of 1996 against the ex-directors of the company (in liquidation) for non-filing of statement of affairs. During the course of proceedings, the ex-directors filed the statement of affairs and the C.A.No.257 of 1996 was closed vide order dated 16.04.1999 (Annexure B). As per BIFR order dated 06.01.1995 in case No.93/1990, the APSFC was appointed as selling agent for sale of assets/properties of the company (in liquidation) in place of the State Bank of India, pursuant to which the assets/properties were assumed to be in possession by the APSFC on 27.05.1995 (Annexure-C). As per the copy of proceedings of panchanama dated 27.05.1995 provided by the secured creditors, the assets/properties situated at Kakkalapalli village, Ananthapur District, Andhra Pradesh were taken in possession by the APSFC from th