2012 (7) TMI 785 - HC - Companies Law

Application for Dissolution of the company - Held that - When the affairs of the company had been completely wound up or the court finds that the Official Liquidator cannot proceed with the winding up of the company for want of funds or for any other reason, the Court can make an order dissolving the Company from the date of that order. This puts an end to the winding up process - the facts and circumstances of this case, the liquidation proceedings deserve to be brought to an end.

Summary

Issues: Dissolution of a company under Section 497(6) of the Companies Act.

Paragraph 1: The Official Liquidator has filed a petition seeking the dissolution of the company under Section 497(6) of the Companies Act.

Paragraph 2: The company was voluntarily wound up in 2005, and all necessary procedures were followed, including filing accounts before the Registrar of Companies and the Official Liquidator. The ROC has confirmed that the company has filed all documents and has no objection to its dissolution.

Paragraph 3: No further claims have been received, and based on the report of the voluntary liquidator, it is deemed that keeping the company alive serves no useful purpose.

Paragraph 4: Refers to a Supreme Court case Meghal Homes (P) Ltd. Vs. Shree Niwas Girni K.K. Samiti & Others (2007) 7 SCC 753, which states that a company can be dissolved when the affairs have been completely wound up or when the Official Liquidator cannot proceed further.

Paragraph 5: Based on the Supreme Court decision and the specific circumstances of this case, the court orders the dissolution of M/s Manjul Holdings Pvt. Ltd., with a directive to communicate the order to the Registrar of Companies within 30 days.

Paragraph 6: The petition is disposed of with the directions for the dissolution of the company.