IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THE HON’BLE SMT.JUSTICE T. MADHAVI DEVI COMPANY APPLICATION No.317 of 2025 In/And REFERRED COMPANY CASE No. 10 of 2003 DATE: 28.11.2025 Between:

The Official Liquidator of M/s. Preyanshu Industries Limited (In Liqn.)

...Applicant

ORDER

This application is filed under Sections 481, 550 and 555 of the Companies Act, 1956, read with Rules 281, 282 and 9 of the Companies (Court) Rules, 1959, seeking dissolution of the company (In liquidation).

2. The Official liquidator prays for the following reliefs: i) permit the Official Liquidator to consider Omkara Asset

Reconstruction Company Pvt. Ltd., (OARPL), to substitute in the place of Stressed Assets Stabilization Fund (SASF) / IDBI as Secured Creditor of the company (In Liqn.) pursuant to Assignment Agreement dated 31-08-2024 and also permit the

Official Liquidator to treat the claim filed by the SASF / IDBI as claim of the OARPL (assignee).

ii) permit the Official Liquidator to disburse an amount of Rs.1,30,000/- to Omkara Asset Reconstruction Company Pvt. Ltd., (OARPL), Secured Creditor towards final dividend @ 0.0312483 percentage on the admitted secured debt from and out of available funds of the company (In Liqn.) as detailed in Para

12 of the Affidavit.

iii) 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 subject company.

iv) take on record the half yearly accounts of the Company (hi Liqn.)

for the period from 01-04-2025 to 17-09-2025 as enclosed vide Annexure-“ L”.

v) dispense with the auditing of the Half Yearly Accounts of the company (In Liqn.) for the period 01-04-2025 to 17-09-2025, since there are three (3) transactions.

vi) dispense with the filling of the Annual / Final accounts of the company in view of the filing of the audited Half Yearly Accounts regularly in the company in liquidation.

vii) 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, Application Fee, Central Government fee, etc., into the Companies Liquidation Account in terms of Section 555 of the Companies Act, 1956 as detailed in Para 12 of the Affidavit.

viii) order that M/s. Preyanshu Industries Limited (In Lip.) be ordered to be dissolved with effect from the date of the order.

ix) 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.

x) 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 xi) Pass such further or other order or orders as this Hon’ble Court may deem fit and proper in the circumstances of the case and render justice.

3. This Court, by the order dated 27.04.2005 in RCC No.10 of 2003, ordered winding up of M/s.Preyanshu Industries Limited (Company in Liquidation).

4. The Official Liquidator has filed an affidavit enclosing therewith Annexures-A to L along with this application.

5. Heard Sri J. Sreenadh Reddy, learned counsel for the Official Liquidator, and perused the statement of affairs of the company in liquidation and the entire material placed on record, including Annexures-A to L, as well as the affidavit dated 26.09.2025 filed by Sri Uttam Kumar Sahoo, Official Liquidator.

6. As per the affidavit of the Official Liquidator, as on date, the Company-in-liquidation is having an amount of Rs.1,36,055.76 Ps. only to its credit; that due to insufficient funds, the Official Liquidator could not proceed with invitation of claims from creditors of the Company-in-liquidation; that no cases are pending before any Court in relation to the Company-in-liquidation; that there are no further affairs to be pursued by the