TMI Blog2023 (2) TMI 787X X X X Extracts X X X X X X X X Extracts X X X X ..... LIQUDATOR REPORT NO. 76 of 2022 In R/COMPANY PETITION NO. 217 of 1998 - - - Dated:- 7-11-2022 - HONOURABLE MR. JUSTICE BHARGAV D. KARIA For the Applicant : BHOOMI M THAKORE(6237) For the Respondent(s) No. 1 ORAL ORDER 1) Heard learned advocate Ms.Bhoomi Thakore for the applicant. 2) By this report under Section 481 of the Companies Act, 1956, the official Liquidator has prayed for dissolution of the company, named, M/s. Yogi Polyester Ltd. (In Liquidation),which was ordered to be wound up vide order dated 21.07.2006 passed in Company Petition No.217 of 1998. 3) That the Official Liquidator appointed M/s. Harish P. Jain Associates, Company Secretary at the Office of Registrar of Companies, Gujarat, Ahmedabad t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f his statement, said ex- director furnished documentary evidence on the basis of said evidence the Officials of the Official Liquidator could not take possession of Regd. Office. Thereafter, the Officials of the Official Liquidator visited company factory premises situated at 6/2, GIDC Industrial Estate, POR, Ramangamadi, Karjan, Dist. Vadodara- 391 243, on the site, they observed that Court s Receiver appointed by DRT, Mumbai had taken possession of the said factory premises on the basis of OA filed by ICICI Bank, hence, the Officials of the Official Liquidator couldn t take the possession of the said factory premises. 6) It is further stated in the report that the Official Liquidator filed compliance report by way of OLR No.180 of 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... English daily and Loksatta Gujarati daily both in Baroda editions. However, pursuant to the said advertisement, the Office of the Official Liquidator has not received any claim from worker of the company in liquidation. 10) It is also stated by the Official Liquidator that he is not having any asset nor received any fund to proceed further with the winding up proceedings. 11) Hence the Official Liquidator most respectfully submits that as per the provisions of Section 481 of the Companies Act, 1956 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 other reason whatsoever and it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not possible to proceed with the winding up of the Company in Liquidation for want of funds and assets. Relying upon the judgment of the Apex Court in the case of Meghal Homes Pvt. Ltd. Vs. Shree Niwas Girni K.K. Samiti, reported in (2007) 7 SCC 753, it is contended by the Official Liquidator that this Court may pass appropriate order of dissolution of the Company in liquidation. 15) The Official Liquidator has also further averred in the report that half yearly statement of accounts of the Company in Liquidation have already been filed before this Court as provided under Rule 298 of the Companies (Court) Rules, 1959. It was contended that in these circumstances, it is not possible for the Official Liquidator to further carry out the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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