M.C. Golcha And Anr. vs Official Liquidator And Anr. on 20 October, 1989
In the case of Colaba Land and Mill Co, Ltd. v. Union of India [1985] 58 Comp Cas 513 (Bom), it has been held that the expression "any person" claiming to be entitled to any money paid into the Companies Liquidation, Account had a wide meaning and could not be confined to a creditor or member or a contributory of the company. The expression could also include the company itself which went out of liquidation and later regained its original status and position. Thus, it could be held that the company would fall within the expression "any person", but it was not the person entitled to the money lying in the Companies Liquidation Account as it was neither entitled under Section 555 to be paid the undistributed assets of the contributories nor was the company entitled to the same under the sanctioned scheme. The court further held that on the date when the scheme was sanctioned, the amount was not in the hands or under the control of the official liquidator and therefore, on the sanctioning of the scheme, he could not have handed over the amount to the company. The amount lying in the name of the contributory in the Companies Liquidation Account is his money, though the relationship of a creditor and debtor is not created between the contributory and the Central Government holding the money in the Companies Liquidation Account.