9911796707
TMI Blog2013 (5) TMI 434X X X X Extracts X X X X X X X X Extracts X X X X ..... lso finds that after taking charge, the then Official Liquidator made attempts to convene meeting of the Company with its Creditors and Contributors repeatedly but with no success. Therefore, the then Official Liquidator could not proceed in the matter further to comply the provisions of sections 497, 508 and 509 of the Companies Act. This Court also finds that till now, no creditor of the Company has come forward before this Court to lay any claim against the Company. In the circumstances, this Court finds that there is no option left in this liquidation proceeding than to close the same and direct for dissolution of the Company in exercise of powers under section 481 of the Companies Act, 1956 read with Rule 9 of the Company (Courts) R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.1952 in the meeting of Creditors, Contributors and Members, Company went into voluntary liquidation and one Sri M. P. Singh was appointed as the Liquidator of the Company to initiate the process of winding up. At the time of commencement of winding up proceeding, liabilities of the Company were Rs.8,40,000/- and disbursement till that date was made to the tune of Rs.2,75,409.48. Besides, Company had also filed a suit in the Calcutta High Court in its original side against M/s North Bihar Sugar Mills Ltd., numbered as Suit No.3804 of 1952, in which a claim of Rs.22,56,209.12 p. was made. This Court by order dated 1.5.1959, on the petition of the Registrar of the Companies, discharged the said Voluntary Liquidator Sri M. P. Singh and appo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Company. Thereafter, Official Liquidator made efforts for holding meeting of Creditors and Contributors thrice in terms of provisions of section 508 of the Companies Act. However, he could not make any progress for want of funds and for want of cooperation from the Creditors and Contributors. Accordingly, he submitted his report dated 27.8.1970, copy of which is annexed as Annexure-A with the present Report under consideration. When the Official Liquidator took charge of the Company under the orders of this Court and took possession of the records of the Company from the voluntary Liquidator, it transpired to him that the only asset of the Company,which was likely to be available to him, was a sum of Rs.22 lacs and odd which the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d no asset available and also there are no sufficient fund available with the Company except Rs.28.15p, which is not even sufficient for swearing affidavit to be filed along with final accounts of the Company, which has been drawn and annexed with the Report as Annexure-C. Hence, it is stated in the Report that, after the Official Liquidator took charge of the Company, inspite of his best efforts, he could not hold meeting of the Company and its Creditors for management of the assets and liabilities of the Company and for its final dissolution in terms of provisions of sections 497, 508 and 509 of the Companies Act, 1956, since, after dismissal of the appeal by the Division Bench of Calcutta High Court, there is no asset of the Company avai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there is no asset of the Company, which may be proceeded with for disbursement to its creditors, if any, in liquidation proceeding. This Court also finds that after taking charge, the then Official Liquidator made attempts to convene meeting of the Company with its Creditors and Contributors repeatedly but with no success. Therefore, the then Official Liquidator could not proceed in the matter further to comply the provisions of sections 497, 508 and 509 of the Companies Act. This Court also finds that till now, no creditor of the Company has come forward before this Court to lay any claim against the Company. In the circumstances, this Court finds that there is no option left in this liquidation proceeding than to close the same and dir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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