9911796707
TMI Blog2023 (11) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... ds 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 view of the above-mentioned decision of the Supreme Court in Meghal Homes, as well as keeping in mind the import of Section 481(1) of the Act and the facts and circumstances of the present case, these liquidation proceedings warrant to be brought to an end. Further, the Official Liquidator is permitted to close the books of accounts of the company after adjusting expenses and losses from the CPL. The application stands disposed of accordingly. - HON'BLE MR. JUSTICE DHARMESH SHARMA For the Appellant : None For the Respondent : Mr. D. Bhattacharya, Standing Counsel for Official Liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equently rectified on 02.02.1998. It has also been stated that the company had no property/assets which could be realised by the Official Liquidator to make recoveries. 6. The record also reflects that the company (in liquidation) had a property at Calcutta on lease from Mr. Suresh Kumar Prabhat on a monthly basis, which was thereafter sub-letted to Laxmi Commercial Bank which is now amalgamated with Canara Bank, the petitioner in the present Company Petition. 7. It is stated that a suit bearing No. CS(OS) 1674/2000 was preferred against the Ex-Directors of the company (in liquidation), by the plaintiff Suresh Prabhat Kumar, who was the owner of the property at Calcutta. The same was filed seeking vacant possession of the relevant portion o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to any creditors of the company (in liquidation). Therefore, no useful purpose would be served by keeping this matter pending. 9. At this stage, it is relevant to reproduce Section 481 of the Act, 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 winding up of a company for want of funds and assets or for any of the reason whatsoever and it is just and reasonable in the circumstances of the case that an order of dissolution of the company should be mad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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