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2018 (1) TMI 1180 - HC - Companies LawWinding up petition - Held that:- After going through the materials on record, this Court is convinced that no viable option is there for the revival of the Company. All efforts taken by the Company have been turned to be failure. The Managing Director of the Company, Sri. R. Hari, who was interested for the revival of the Company, is also now no more. No other effective schemes are before this Court. The matter has been pending before this Court for quite a long time. This Court is of the considered opinion that there is no other option for this Court but to order winding up of the Company. Accordingly, it is ordered that the above said Company be wound up in terms of the provisions contained in Section 20(2) of the SICA read with the enabling powers conferred on this Court in terms of the provisions contained in the Companies Act, 1956. Official Liquidator is appointed as the Liquidator for the winding up of the Company and the Official Liquidator shall take over all the assets and records of the company under liquidation, forthwith. The Canara Bank is directed to pay an amount of ₹ 20,000/- as initial expenses to the Official Liquidator within a period of three weeks from the date of receipt of a copy of this judgment. Since the Canara Bank was the monitoring agency appointed by the BIFR, it is also ordered that the Canara Bank will ensure that the winding up order is published in one issue of all Kerala editions of Kerala Kaumudi Malayalam Daily as well as in one issue of all Kerala editions and Madurai edition of the New Indian Express English Daily. The winding up order shall be drawn in Form No.52 of the Companies (Court) Rules 1959. Registry shall forward certified copies of this judgment as well as Form No.52 winding up order to the Registrar of Companies (Kerala) as well as to the Official Liquidator attached to this Court.
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