Karnataka High Court
Official Liquidator Of vs Nil on 14 February, 2020
Author: S.Sunil Dutt Yadav
Bench: S. Sunil Dutt Yadav
-1-
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 14TH DAY OF FEBRUARY, 2020
BEFORE
THE HON'BLE MR. JUSTICE S. SUNIL DUTT YADAV
COMPANY APPLICATION NO. 114/2020
IN
COMPANY PETITION NO. 129/2008
Between:
Official Liquidator of
M/s. Mother India Logistics and
Minerals Pvt. Ltd., (in Liqn.),
High Court of Karnataka,
'Corporate Bhavan',
No. 26-27, 12th Floor,
Raheja Towers, M. G. Road,
Bengaluru - 560 001. ...Applicant
(By Sri Shrishail Navalgund, Adv.)
AND
NIL ... Respondent
This Company Application is filed under Section 481(1) of
the Companies Act, 1956, read with Rule 9 of the Companies
(Court) Rules, 1959, praying to permit the Official Liquidator to
deposit the available amount of Rs.33,810/- to the Estate and
Establishment Fund Account maintained by the Official
Liquidator after meeting the incidental liquidation expenses i.e.,
Audit Fees, Central Government fees and court fee and etc.
This Company Application coming on for orders this day,
the Court made the following:
-2-
ORDER
C.A.114/2020 has been filed seeking for dissolution of M/s. Mother India Logistics & Minerals Pvt. Limited. Further permission is sought to deposit additional amount of Rs.33,810/- to the Estate and Establishment Fund Account maintained by the Official Liquidator after meeting the incidental liquidation expenses.
2. The Official Liquidator has filed the application and submits that the Company was ordered to be wound up as per the order dated 28.05.2010 and the liquidator was appointed by virtue of Section 454 of the Companies Act, 1956 (for short 'the Act'). It is stated that the former directors have filed statement of affairs and rectified the defects pointed out by the liquidator and necessary clarifications have been sought for by the Official liquidator regarding fixed assets of the company as shown in the Balance Sheet.
3. It is also submitted that as regards cash and bank balance, necessary clarifications have been sought for -3- and received. Necessary books have been secured after initiating action under Section 468 of the Act for non- compliance of the order. Exemption was sought for regarding filing of Misfeasance Application against the former directors under Section 543(1) of the Act and the same was accepted.
4. It is further submitted that as on date, only a sum of Rs.33,810/- is available to the credit of the company in liquidation and the said amount is not sufficient to invite claims from the creditors. In fact, claim of Rs.1,19,47,275/- has been made upon by the Tax Recovery Officer, Income Tax Department for the assessment year 2008-09 and 2009-10, who is a preferential creditor.
5. In light of the above and noticing that the only sum available is Rs.33,810/- and that there are no other assets of the company that has come into custody of the -4- official liquidator, no purpose would be served to continue the present proceedings.
6. Accordingly, it is ordered that there would be dissolution of M/s. Mother India Logistics & Minerals Pvt. Limited. Copy of the said order be filed with the Registrar of Companies in terms of the requirement under Section 481(2) of the Act. Available fund of Rs.33,810/- shall be transferred to the Estate and Establishment Fund Account maintained by the Official Liquidator and could be made use of for incidental liquidation expenses.
Accordingly, C.A.114/200 is disposed off noting that the requirement under Section 481 stand satisfied.
Sd/-
JUDGE VP