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TMI Blog2024 (6) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... editors and transfer the available balance, if any, to the Common Pool Fund, after deduction of the Liquidation Expenses incurred by the office of the Official Liquidator. At present, it is stated that the company (in liquidation) has no further assets, either movable or immovable, from which any money can be realised. Therefore, the present application has been filed under Section 481 of the Act for dissolution of the company (in liquidation), as no fruitful purpose would be served in keeping the present winding up proceedings pending. Keeping in mind the import of Section 481 (1) of the Act as also the facts and circumstances of the present case, these liquidation proceedings warrant to be brought to an end. Therefore, the present applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was directed therein the no further citations were required to be published. 4. It is stated that as per the record of the Registrar of Companies, Delhi the following persons are shown as the Directors of the company (in liquidation): (i) Sh. Krishan Gopal Tiwari 66, Hasratpura, G.T. Road, Ghaziabad, Uttar Pradesh. (ii) Sh. Durga Prasad Saboo Dharuhera, Rewari, Haryana. 5. As regards the aforementioned Directors, statutory notices under Section 454 and 456 of the Act were served upon them on 12.12.1997, calling upon them to file Statement of Affairs and also recording of their statements under Rule 130 of the Companies (Court) Rules, 1959. However, it is stated that no Statement of Affairs were filed by the said Ex-Directors. 6. As regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed creditors of the company (in liquidation) from whom claims were received, wherein it was agreed that the sale proceeds from the factory premises as well as plant and machinery, amounting to Rs. 2.75 corers be distributed amongst them on a pro-rata basis. Disbursement in the said manner was subsequently carried out, pursuant to the order dated 06.08.2007. 9. It is brought forth in the present application for dissolution that as on 18.05.2023, the funds position of the company (in liquidation) stood at Rs. 26,78,942.41/- and the expenses on account of liquidation as also statutory dues stood at Rs. 2,53,291/-. Therefore, it is stated that after adjustment of said expenses, a sum of Rs. 24,00,000/- would be available for distribution to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the affairs of the Company have been completely wound up or the court finds that the Official Liquidator cannot proceed with the winding up of the Company for want of funds or for any other reason, the court can make an order dissolving the Company from the date of that order. This puts an end to the winding up process. 14. It would also be expedient to consider Section 481 of the Companies Act, 1956, which provides for dissolution of a company under such circumstances as are prevailing in the present matter, and the relevant portion of the same reads as under: Section 481. Dissolution of company. (1) When the affairs of a company have been completely wound up or when the Court is of the opinion that the liquidator cannot proceed with the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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