9911796707
TMI Blog2024 (7) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... ceed 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.' In keeping with the decision of the Supreme Court in Meghal Homes as also the import of Section 481 (1) of the Act, besides the facts and circumstances of the present case, these liquidation proceedings warrant to be brought to an end. Therefore, the present application is allowed. The company (in liquidation) M/s. Dream City Builders P. Ltd., stands dissolved and the Official Liquidator is hereby discharged as its Liquidator. The Official Liquidator is permitted to transfer the available balance, if any, to the Common Pool Fund and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... particulars of the affairs of the company (in liquidation) and consequently, the Official Liquidator filed two OL Reports bearing Nos. 597/2014 and 599/2014. Apart from the aforementioned reports, the Official Liquidator also instituted Crl. O. (CO.) No. 17/1993 against the Ex-Directors, which came to be disposed of vide order dated 08.08.2023. 5. As regards the assets of the company (in liquidation), it is stated that the Official Liquidator could not seize any assets of the company as they were found to either be vacated or not belonging to the company (in liquidation). Details of the same have been provided in paragraph (4) of the present application and have been reproduced hereinbelow: S.NO. PROPERTY STATUS A-33, East of Kailash, New D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been received by the Official Liquidator in this regard. 7. It has been submitted that pursuant to the order dated 05.12.2012, the Official Liquidator invited claims from the creditors and workmen of the company (in liquidation) by way of publication in newspapers. However, no claims were received. 8. At present, it has been submitted that the funds position of the company (in liquidation) as on 05.03.2024 stood at Rs. 1,02,054.17/-. In light of the fact that the Official Liquidator is not seized of any assets from which money can be realised and moreover that no claims have been received from the creditors of the company (in liquidation), no fruitful purpose would be served in keeping these winding up proceedings pending. Further, it a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecision of the Supreme Court in Meghal Homes (supra) as also the import of Section 481 (1) of the Act, besides the facts and circumstances of the present case, these liquidation proceedings warrant to be brought to an end. Therefore, the present application is allowed. The company (in liquidation) M/s. Dream City Builders P. Ltd., stands dissolved and the Official Liquidator is hereby discharged as its Liquidator. 12. The Official Liquidator is permitted to transfer the available balance, if any, to the Common Pool Fund and thereafter, to close the books of accounts of the company (in liquidation). 13. A copy of this Judgment be communicated to the Registrar of Companies within 30 days by the Official Liquidator. CO. PET. 197/1990 14. Accor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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