Ol Of The Abhiyog Holdings Ltd. (In Liqn) vs Na on 8 July, 2021

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Gujarat High Court

Ol Of The Abhiyog Holdings Ltd. (In Liqn) vs Na on 8 July, 2021

Bench: N.V.Anjaria

     C/OLR/114/2021                              ORDER DATED: 08/07/2021




           IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

            R/OFFICIAL LIQUDATOR REPORT NO. 114 of 2021

                  In R/COMPANY PETITION NO. 180 of 2007

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              OL OF THE ABHIYOG HOLDINGS LTD. (IN LIQN)
                               Versus
                                NA
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Appearance:
MR PATHIK M ACHARYA(3520) for the Applicant(s) No. 1
for the Respondent(s) No. 1
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 CORAM:HONOURABLE MR. JUSTICE N.V.ANJARIA

                             Date : 08/07/2021

                              ORAL ORDER

Heard learned advocate Mr.P.M.Acharya for the applicant- Official Liquidator.

2. By presenting this report, the applicant- Official Liquidator of the Abhiyog Holdings Limited (in Liquidation) has advanced the following prayers.

"(i) To permit the Official Liquidator to invite claims from workers secured creditors & preferential creditors of the company in liquidation under Section 529, 529A & 530 of the Companies Act, 1956 by way publishing advertisement in Newspapers namely "Economic Times", English Script, and in "Gujarat Samachar", Gujarati Script, both in Ahmedabad Edition.

(ii) To permit the Official Liquidator to webcast the notice of the invitation of claims on the website of the Hon'ble High Court of Gujarat as well as on the website of the Ministry of Corporate Affairs.

(iii) To appoint Chartered Accountant from the panel maintained by the Official Liquidator for verification and adjudication of claims as Page 1 of 4 Downloaded on : Wed Sep 08 13:37:50 IST 2021 C/OLR/114/2021 ORDER DATED: 08/07/2021 well as working out inter-se ratio amongst the creditors of the company in liquidation.

(iv) To direct the Official Liquidator to place the report of the Chartered Accountant before this Hon'ble Court by way of filing fresh report for further direction in the matter.

(v) To permit the Official Liquidator to make payment of advertising charges as well as professional fees of Chartered Accountants on receipt of their bill from the Account of the Company in liquidation being liquidation expenses."

3. It is stated that pursuant to the order dated 21.2.2008 passed in Company Petition No.180 of 2007, the company named M/s. Abhiyog Holdings Limited was ordered to be wound up. The Official Liquidator attached to this Court came to be appointed as the liquidator of the said company who was required to take possession of all the assets of the company in liquidation.

3.1 It is stated that the Official Liquidator thereafter took possession of Registered Office of the company situated at 4 th Floor, Vanijay Bhawan, Opp. Deewan Ballubhai School, Kankaria Road, Ahmedabad, being Office No.410 and by filing Official Liquidator Report No.120 of 2008, the compliance report was submitted for ratification of action of taking possession. The Court passed order dated 8.5.2008 ratifying the action of the Official Liquidator and also constituting the Sale Committee.

3.2 It appears that the sale took place of the said property and was confirmed in the favor of the one Rajasthan Gaud Brahmin Samity for Rs.5,40,000/-. The Official Liquidator received the entire sale consideration and the possession of the property came to be handed over to the highest bidder.

Page 2 of 4 Downloaded on : Wed Sep 08 13:37:50 IST 2021

C/OLR/114/2021 ORDER DATED: 08/07/2021 3.3 It is stated by applicant- Official Liquidator that fund position of the company in liquidation is thus, (a) FDR- Rs.7,72,390/-, (b) Cash Rs.1,04,416/-, totalling to Rs.8,76,806/-.

3.4 Under Rule 148(1) of Companies (Court) Rules, 1959, the Official Liquidator is enjoined to invite claims from the secured creditors, workmen and preferential creditors of the company in liquidation. The Official Liquidator would be appointing Chartered Accountants amongst the panel maintained by it to send the claims to such Chartered Accountants for the purpose of verification and adjudication, thereafter to file appropriate report before this Court.

4. In light of the above, facts stated on oath in this report, the prayers prayed for in 8(A) and 8(B), which are the prayers quoted in paragraph Nos.2(i) and (ii) herein above deserved to be granted.

5. Resultantly, the Official Liquidator is permitted to invite claims from the stake holders under Section 529, 529A and 530 of the Companies Act, 1956. For this purpose the applicant- Official Liquidator is permitted to publish advertisement in two newspapers namely Gujarat Samachar, in Gujarati script, Ahmedabad Edition and in Economic Times, in English script also Ahmedabad Edition. Necessary steps to get the advertisement published as above shall be taken by Official Liquidator immediately and the advertisement shall be get published on or before 15.8.2021. The Official Liquidator is further permitted to webcast the notice of invitation of claims from the website of this High Court as well as on the website of Page 3 of 4 Downloaded on : Wed Sep 08 13:37:50 IST 2021 C/OLR/114/2021 ORDER DATED: 08/07/2021 Ministry of Corporate Affairs.

6. The prayers regarding permission to appoint Chartered Accountants and to forward the claims for verification and adjudication and further prayer to make payment for advertisement charges are premature to be granted at this stage. Therefore, they are not granted. However, Official Liquidator is at liberty to seek such prayer in the further report which he may file at the subsequent stages.

7. The present report is allowed and disposed of accordingly.

(N.V.ANJARIA, J) Manshi Page 4 of 4 Downloaded on : Wed Sep 08 13:37:50 IST 2021

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