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TMI Blog2024 (3) TMI 989X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Bank and realized its dues. No secured creditors are available despite the issuance of notice. Therefore, this Court is of the considered opinion that this company petition deserves to be closed under the provisions of Section 481 of the Companies Act, 1956 and Rule 282 of the Companies (Court) Rules, 1959. Accordingly, it would be just and reasonable in the circumstances to pass the order that the company in liquidation be dissolved from the date of this order. Consequently, the company is in liquidation viz. M/s. STI Phoenix Wear Private Limited stands dissolved - Petition disposed off. - Hon'ble Shri Justice Vivek Rusia For the Petitioner : Shri H.Y. Mehta, Learned, Shri Vyomesh Sheth ORDER 1. The present company petition is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e settlement proposal with the IDBI Bank. It was further informed that the property where the registered office of the company is located is a rental property and two civil suits viz. Civil Suit No. 2B/2011 and RCS No.B/00005/2013 are pending before the District Court, Indore. Vide aforesaid OLR, the Official Liquidator sought permission to contest the aforesaid civil suits by engaging a lawyer from the panel of lawyers. Vide order dated 6.12.2016 the aforesaid OLR was allowed and the Official Liquidator was granted the permission. 3.2 On 12.5.2022 OLR No.51/2019 was taken up for hearing, whereby the Official Liquidator informed the Court that the assets of the company in liquidation as contained in Lot No.1 and Lot No.2 were sold and the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icial Liquidator may also be permitted to transfer the said amount into Public Account of India in RBI , as contemplated under section 555 of The Companies Act, 1956. iv) In view of the submission made in Para no.9 above, of this report, it is most humbly prayed that, since the affairs of the company (in-liqn.) appears to be completely wound up, it is not feasible to proceed further in the winding up of the company. Therefore, the Official Liquidator is of humble opinion that, it is just and reasonable in the circumstances of the case, to pass an order that the company (in-liqn.) be dissolved from the date of the order and the company i.e. M/s. STI Phoenix Wear (P) Ltd. (In-liqn.), shall be dissolved accordingly, as provided under section 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... remained unpaid for more than six months from the date of declaration of the dividend, such unpaid dividend amount is required to be transferred to Public Account of India in Reserve Bank of India. 4. The Official Liquidator called the meeting of the ex-Directors of the company in liquidation on 28.6.2023 and after examining all the records, all three members i.e. Ramesh Babulal Baheti - ex-Director, Kailash Narayan Garg ex-Director, and Vyomesh Sheth (ISLS) - Official Liquidator have confirmed that as per information available in the record, there is no asset available in the name of the company in liquidation and all of them are of the opinion that M/s. STI Phoenix Wear Pvt. Ltd. is a fit case for filing an OLR u/s. 481 of the Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inion that the liquidator cannot proceed with the winding up of a company for want of funds and assets or for any other reason whatsoever and it is just and reasonable in the circumstances of the case that an order of dissolution of the company should be made, the 1 [Tribunal] shall make an order that the company be dissolved from the date of the order, and the company shall be dissolved accordingly. Rule 282. - Dissolution of the company - Upon the hearing of the application, the Court may, after hearing the Official Liquidator and any other person to whom notice may have been ordered by the Court, upon perusing the account as audited, make such orders as it may think fit as to the dissolution of the company, the application, subject to th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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