2021 (1) TMI 1276 - HC - Companies Law

Seeking permission to Official Liquidator to disburse an amount of Rs.64,63,964/- to IDBI Bank under Section 529 of the Companies Act - HELD THAT - Having perused the OLR and considering the fact that the amount has been worked out by the Chartered Accountants, the application is allowed in terms of prayers 15A and 15B.

Summary

The Gujarat High Court allowed the Official Liquidator to disburse Rs.64,63,964 to IDBI Bank under Section 529 of the Companies Act. The amount was verified by Chartered Accountants. The Official Liquidator can appoint a Chartered Accountant to verify claims and company ratios under Section 530. The Order Liquidation Report (OLR) was disposed of.