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TMI Blog2007 (12) TMI 543X X X X Extracts X X X X X X X X Extracts X X X X ..... l case under Section 454 of the Companies Act, 1956 requesting this Court to take cognizance of the default committed under Section 454 (5) of the Companies Act, 1956 and to issue process against the accused Nos. 1 to 4 and to try and punish them in accordance with the provisions of law. The Official Liquidator has also prayed for the direction to the accused Nos. 1 to 4 to submit forthwith the St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he statement of affairs. It is also stated that due to old age and health related problems, they could not remain present before the Official Liquidator as per Rule 130. It is only for this reasons, the statement of affairs could not be filed in time nor the statements could be recorded by the Official Liquidator. 3. Statement of affairs was filed on 31.08.2007. There were some defects pointed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Liquidator are removed by the accused. The fact still remains that the statement of affairs has been filed late and there is delay of 384 days. The accused are, therefore, required to be penalized for late filing of statement of affairs. 6. Mr. Utkarsh Jani, learned advocate appearing for the accused, on the other hand, submitted that the delay was already explained. The Official Liquidator ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding sentence. However, it is an admitted position that the statement of affairs is filed late by 384 days. Considering the explanation tendered before the Official Liquidator as well as submissions made before this Court, the Court is of the view that this is not a case where harsh view is required to be taken. Looking to the age of the accused and circumstances in which they were put, some delay ..... X X X X Extracts X X X X X X X X Extracts X X X X
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