THE HONOURABLE SRI JUSTICE K. LAKSHMAN COMPANY APPLICATION No. 314 of 2025 in C.P.No.210 of 1998

ORDER:

Heard Sri J.Sreenadh Reddy, learned counsel for the Official Liquidator.

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

3. The Official Liquidator has specifically mentioned the affairs of the company.

4. By an order dated 04.11.1999 in Company Petition No. 210 of 1998, this Court ordered the winding up of the company. The Official Liquidator called for the statement of affairs from the ex-directors of the Company (In Liqn.).

5. As per the Statement of Affairs submitted by the ex-directors of the Company (In Liqn.) to the Official Liquidator, in List-B, Assets Specifically Pledged and Creditors Fully or Partly Secured, APSFC and APIDC were shown as secured creditors. The ex-directors stated that the unit was seized by APSFC and APIDC in the year 1994 and sold in 1997 for approximately Rs. 2.45 crores. With regard to Preferential Creditors for Rates, Taxes, Salaries, and Wages mentioned in List-C, the amount was shown as Nil.

6. It is further contended by the Official Liquidator that, as on date, no amount is available to the credit of the company (In Liqn.). Hence, he is seeking permission to incur the cost of this application and other incidental expenses from the Estate and Establishment Fund Account maintained by the Official Liquidator.

7. With the aforesaid submissions, the Official Liquidator sought the following reliefs:-

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) to take on record the Affidavit of No Receipts or Payments for the period from 01-04-2025 to 17-09-2025 as enclosed vide Annexure-P.

iii) dispense with the auditing of Half Yearly Accounts of the company (In Liqn.) for the periods from 01-04-2025 to 17-09-

2025, since there are Nil transactions.

iv) dispense with the filing of the Annual/Final Accounts of the company in view of the filing of the audited Half Yearly Accounts regularly in the Company (In Liqn.).

v) order that M/s.Indo Rock Granites Private Limited (In Liqn.), be ordered to be dissolved with effect from the date of the order.

vi) permit the Official Liquidator to dispose/destroy the books and records of the company any day after the expiry of five (5) years from the date of order of the dissolution of the company as per Section 550 of the Companies Act, 1956.

vii) Permit the Official Liquidator to incur the cost of this application and other incidental expenses to be met from and out of Estate and Establishment Fund Account, since the company (In Liqn) does not have any funds.

viii) Pass such further order or orders as this Hon’ble court may deem fit and proper in the circumstances of the case and thus render justice.

8. As discussed supra, vide order dated 04.11.1999 in Company Petition No. 210 of 1998, this Court ordered the winding up of the company (In Liqn.). There are no assets pertaining to the company in liquidation, and there are no funds available in its account. After 26 years from the date of the said order, the Official Liquidator is now seeking to pass dissolution orders.

9. In the light of the aforesaid discussion, this Company Application is allowed granting the following reliefs:

i) The Official Liquidator cannot proceed with the winding up of the company, and that, in the circumstances of the case, the company be ordered to be dissolved.

ii) The Affidavit of No Receipts or Payments for the period from 01.04.2025 to 17.09.2025, as filed by the Official Liquidator and enclosed vide Annexure–P, is taken on record.

iii) In view of there being no transactions during the period from 01.04.2025 to 17.09.2025, the auditing of the Half-Yearly Accounts of the company (in liquidation) for the sai