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2012 (5) TMI 115 - KARNATAKA HIGH COURTCompany in liquidation - The statement of affairs has not been filed by the respondents within the period of 21 days. Condonation of delay - Held that: an application under Section 454 has been pending from the year 2005, the records were perused by this Court in depth to find out as to whether any purpose would be served in retaining the main application in C.A. No. 672/2005 on file without proceeding further in the matter when the statement of affairs has been filed subsequently. The said application though not listed in the cause-list today, on the perusal of the subsequent order sheet, it is found that the same has not been disposed of. a perusal of the reasons assigned in the application supported by an affidavit seeking condonation of delay would indicate that apart from the amount which was due and payable to the creditors who had initiated the winding up petition in Co.P.No. 91/2002, the Company-in-liquidation was also due certain amounts to KSIIDC. The manner in which the statement of affairs has been filed on 30.05.2007 and the revised statement on 23.10.2007 would indicate that immediately on C.A. No. 869/2005 being disposed of, necessary steps have been taken by the respondents for filing statement of affairs. As already noticed, the deficiencies in the statement of affairs in any event would entail its consequence in accordance with law and this proceedings cannot be held on, as it would have to conclude with its consequences. Delay is condoned
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