2022 (11) TMI 1510 - HC - Companies Law

Prayer for payment of the advertisement bill of M/s. Global Network Advertising from Common Pool Fund Account of various Companies (in liquidation) as maintained by the Office of the Official Liquidator subject to adjustment against the realisation of the amount from the sale of the assets of the Companies (in liquidation) - HELD THAT - The Official Liquidator has received the bills from the advertising agency M/s. Global Network Advertising which are placed on record of this application at Annexures F and G for the amount of Rs. 63,045/- and Rs. 1,33,434/- respectively - The Official Liquidator is having fund of Rs. 1,20,000/- to meet with the advertising expenses of the total advertisement expenses of Rs. 1,96,479/-. The Official Liquidator is therefore permitted to utilise the amount of Rs. 1,20,000/- for the payment to the advertising agency pursuant to the remaining amount to be paid from the Common Pool Fund Account maintained by the Office of the Official Liquidator. This Official Liquidator Report is accordingly disposed of.

Summary

The High Court of Gujarat permitted the Official Liquidator to pay advertisement bills totaling Rs. 1,96,479 from the Common Pool Fund Account, with Rs. 1,20,000 to be utilized initially. The order was based on a previous directive for petitioners to deposit advertisement expenses. Only two out of nine petitioners complied.