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TMI Blog2016 (2) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd., (In Liquidation). (B) This report filed for such other and further orders and directions as may be just deem fit and proper may also be passed." 2. Heard Mr.Gaurang H. Bhatt, learned advocate for the Official Liquidator. 2.1 It is submitted on behalf of the Official Liquidator that M/s.Windsor Foods Pvt. Ltd. (In Liquidation) has been ordered to be wound up by an order dated 21.03.2003, passed by this Court in Company Petition No.243 of 2002 and the Official Liquidator attached to this Court has been appointed as the Liquidator of the said Company in liquidation. Subsequent thereto, the Official Liquidator took possession of the assets and properties of the Company in liquidation and, after following due procedure, sold th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 2007. The Official Liquidator has retained with him an amount of Rs. 40,00,00,000/, for the time being, for the purpose of adjusting the Central Government fees and claims of the Incometax Department. 2.4 The Official Liquidator has, thereafter, preferred a Report being Official Liquidator Report No.24 of 2010, interalia, making a prayer to this Court to permit him to make the payment of Rs. 3,65,532/towards demands raised by the Incometax Department vide its order dated 07.12.2009. Permission was further sought to release the amount of Rs. 45,00,000/available with the Official Liquidator in proportion of 51% and 49% respectively, in favour of two Shareholders, contributories of the Company in liquidation, that is, M/s. Bhupati Investme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... our of two Shareholders, that is, M/s. Bhupati Investment & Finance Pvt. Ltd. and M/s. Distributors (Bombay) Pvt. Ltd., and he may be permitted to keep the remaining amount for future expenses till the dissolution of the Company in liquidation, or otherwise. This prayer, made by the Official Liquidator, was accepted by this Court vide order dated 09.04.2014, passed in Official Liquidator Report No.141 of 2013. 2.6 It is further stated that though the Official Liquidator received an amount of Rs. 38,59,466/towards setoff of business loss and unabsorbed depreciation only for the Assessment Year 199394, he did not receive a refund towards the setoff of business loss and unabsorbed depreciation, as per the order dated 24.10.2011, passed by thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned advocate for the Official Liquidator, has relied upon the judgment of the Supreme Court in Meghal Homes (P) Ltd. vs. Shree Niwas Girni K.K. Samiti And Ors., reported in (2007) 7 SCC 753, in this regard. The relevant extract of the said judgment is reproduced hereinbelow: "31. Now to recapitulate, the Company was ordered to be wound up on 2571984 and the Official Liquidator was directed to take possession of the assets of the Company. Once an order of liquidation had been passed on an application under Section 433 of the Companies Act, the winding up has to be either stayed altogether or for a a limited time, on such terms and conditions as the court thinks fit in terms of Section 466 of the Act. If no such stay is granted, the procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om any of the interested parties to the dissolution of the aforesaid Company, in terms of the previsions of Section 481 of the Act. 2.11 In view of the above facts and circumstances, it is submitted on behalf of the Official Liquidator, that as the Company in liquidation does not have any realizable assets and no funds are available in the accounts of the Company and, further, there are no claims against the aforesaid Company, it would be just, reasonable and proper, in terms of Section 481 of the Act, to order the dissolution of the Company in liquidation. 3. Having heard the learned counsel for the Official Liquidator and upon perusal of the material on record, as it is evident that as the Company in liquidation has no further realizabl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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