$~7 * IN THE HIGH COURT OF DELHI AT NEW DELHI + CO.PET. 78/1983 RE-SAHARA DEPOSITS & INVESTMENT LTD .....Petitioner Through:

versus .... .....Respondent Through: Ms. Ruchi Sindhwani, SSC with Ms.

Megha Bharara, Adv. for OL CORAM:

HON'BLE MR. JUSTICE ANISH DAYAL

O R D E R

% 21.01.2026 Co. Appl. No.51 /2026

1. This application has been filed by the Official Liquidator (‘OL’) under Section 481 of the Companies Act, 1956, praying that Sahara Deposit & Investment (I) Limited (in liquidation) be dissolved and the OL be discharged as its Liquidator.

2. It is stated that by order dated 13.01.1984, the Company-Sahara Deposit & Investment (I) Ltd. was wound up and OL attached to this Hon’ble Court was appointed as the liquidator of the said company.

3. It is stated in the application that the present Company Petition is of the year 1983 and being a very old matter, the entire record is not traceable/available with the OL and therefore, the OL is filing the present application on the basis of the electronic record of this Court and the records available with the OL.

4. It is stated in the said application that OL took over possession of the premises located at A-4/19, Lal Quarter, Krishna Nagar, Delhi-110051 belonging to the Company (In Liqn.). The said property was valued and thereafter put to auction vide order dated 13.07.2017. The said property was auctioned vide order dated 26.10.2017, to Mr. Rahul Garg for Rs.2,03,10,000/-. It is further stated in the said application that OL had also taken steps to recover money from debtors of the Company (In Liqn.) by issuing notices, filing cases including execution of decree and pursuant to the same, recovered a sum of Rs.24,14,167/-.

5. Vide order dated 13.11.1998, claims were invited from the creditors and notice inviting claims was published in the newspapers namely ‘Tribune’ (English) in Chandigarh edition, ‘Indian Express’ (English) in Delhi, Chandigarh, Mumbai, Allahabad, Chennai, Vijaywara, Madurai, Bangalore, Cochin & Hyderabad editions, Nav Bharat Times and Dainik Jagran (Hindi) in Delhi & Mumbai editions on 20.02.1999, and the last date for submission of claims was 30.05.1999.

6. OL received 350 claims from the investors/depositors of the Company (In Liqn.). On scrutiny of the claims, it was found that only 190 claimants had provided the supporting documents and the same were allowed. Further, 136 claims were rejected since these claims were not supported by requisite documents and not attested by a public notary. The balance 24 claims were partly admitted and partly rejected.

7. Thereafter, claims were again permitted to be invited vide order dated 28.05.2005. Publication was made in the newspapers ‘Tribune’ (English) in Chandigarh edition, ‘Indian Express’ (English) in Delhi, Chandigarh, Mumbai, Allahabad, Chennai, Vijaywara, Madurai, Bangalore, Cochin & Hyderabad editions, Nav Bharat Times and Dainik Jagran (Hindi) in Delhi &

Mumbai editions on 15.06.2005 and last date for submission of claim was 20.07.2005. In response to the aforesaid notices, all the claims filed with the office of OL were reviewed and scrutinized.

8. That vide order dated 03.11.2006, OL was permitted to disburse the principal amount deposited by the claimants amounting to Rs.4,47,443.75 along with interest @ 8% per annum till the winding up order passed on 13.01.1984 and thereafter, 4% per annum till payment. The OL’s office was further directed to file an affidavit informing whether intimation w.r.t. orders rejecting the claims of the said 136 claimants have been sent and whether the

24 persons/claimants were informed about the part rejection of their claims.

9. In compliance, the OL filed an affidavit dated 07.08.2007 apprising this Court of the position w.r.t. the disbursement of claims in favour of the 190 claimants. It was further stated in the affidavit that w.r.t. the rejection of 136 claimants, letters of rejection of claims were sent and letters w.r.t. partial admission were also sent.

10. Thereafter, 8 more claims