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2018 (9) TMI 1930 - HC - Insolvency and BankruptcyWinding up petition - case of petitioner is that the company is unable to pay its debts to petitioner and is commercially insolvent - HELD THAT:- Upon receipt of the authenticated copy from petitioner's advocate, the Official Liquidator shall forthwith cause notice to all concerned directors calling upon them to file their respective statement of affairs strictly in consonance with the provision of law. All directors of respondent company, now in liquidation, are hereby directed to file their respective statements of affairs as required under Section 454 of the Companies Act, 1956, failing which, the Official Liquidator shall proceed further and lodge criminal complaint against the erring directors, without seeking prior sanction of this Court for initiation of criminal prosecution. Registry to return the amount of ₹ 10,000/ deposited by petitioner subject to any deductions if any.
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