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TMI Blog2024 (7) TMI 1466X X X X Extracts X X X X X X X X Extracts X X X X ..... an end. The company (in liquidation) M/s. ARC Cement Ltd., stands dissolved and the Official Liquidator is hereby discharged as its Liquidator - the present application is allowed. - H ON'BLE MR. JUSTICE DHARMESH SHARMA For the Petitioner : Mr. Siddharth Sikri and Ms. Kirti Singh, Advocates for applicant/Cement Worker Union). For the Respondent : Mr. T. Singhdev, Mr. Tanishq Srivastava and Mr. Abhijit Chakravarty, Advocates for OL. CORAM: DHARMESH SHARMA, J. (ORAL) CO.APPL. 483/2024 1. The above-noted application has been preferred on behalf of the Official Liquidator under Section 481 of the Companies Act, 1956 The Act , seeking dissolution of the respondent/company (in liquidation) M/s. ARC Cement Ltd., and praying that the Officia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to indicate that the premises was being used by the company (in liquidation). 6. In respect of the factory premises of the company (in liquidation) situated at village Gunial Gaon, Dehradun, Uttarakhand it is stated that possession of the said premises was taken over by the Official Liquidator on 19.08.2002. Thereafter, the Plant Machinery as also the Land Building of the said factory premises were sold for a sum of Rs. 4.73 crores, and possession of the same was duly handed over to the auction purchaser Diana Euro Chem (P.) Ltd., in compliance with the order dated 23.05.2003. 7. Pursuant to the order dated 23.05.2003, claims were invited from the creditors and workers of the company (in liquidation). Thereafter, vide order dated 12.12.200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court is of the opinion that these liquidation proceedings warrant a quietus, and the company (in liquidation) should be dissolved as the Official Liquidator cannot proceed any further with the winding up process. It would be expedient to invite reference to the decision of the Supreme Court in Meghal Homes (P) Ltd. v. Shree Niwas Girni K.K. Samiti Ors. (2007) 7 SCC 753 , the relevant observations of which are reproduced hereinbelow: 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 windi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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