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TMI Blog2024 (7) TMI 1216X X X X Extracts X X X X X X X X Extracts X X X X ..... . Tanishq Srivastava, Adv. for OL ORDER DHARMESH SHARMA , J. ( ORAL ) CO.APPL. 518 / 2024 1. This is an application under Section 481 of the Companies Act, 1956, moved on behalf of the Official Liquidator, seeking dissolution of the company (in liquidation) and praying that the Official Liquidator be discharged as its Liquidator. 2. The above-noted application has been preferred in the present company petition, which was instituted pursuant to reference from the Board for Industrial and Financial Reconstruction, which gave its opinion under Section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, that it is just and equitable that the company M/s. Moradabad Syntex Ltd., should be wound up. 3. From a perusal of the reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Secured Creditors, the Official Liquidator was not seized of any other assets of the company (in liquidation). 7. Pursuant to the order dated 09.10.2012, the Official Liquidator invited claims by way of publishing notices in the newspapers namely, Hindustan Times‟ (English) and Amar Ujala‟ (Hindi) on 04.03.2013. Details in respect of the claims received and disbursements made thereof have been shown herein below: S. No. Name of the Claimant Claimed Amount Claim Admitted Remarks 1. Employees Provident Fund Organisation (EPFO), U.P. Rs. 2,50,78,651/- Rs. 2,50,78,651/- The entire amount was paid to the EPFO by way of RTGS on 26.12.2014, pursuant to order dated 25.11.14 2. Income Tax Rs. 644.08 lacs Rs. 644.08 lacs On a pro-rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m which any money may be realized. Therefore, no fruitful purpose will be served in protracting these liquidation proceedings. 10. At this juncture, it would be expedient to consider the findings in Meghal Homes (P) Ltd. v. Shree Niwas Girni K.K. Samiti Ors. (2007) 7 SCC 753 , wherein the Supreme Court held as under: When 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. 11. It would also be apposite to consider Section 481 of the Companies Act, 1956, which provides for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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