Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2022 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 722 - HC - Companies LawDissolution of Corporate Debtor - disbursement qua creditors have been made and there has been no claim from contributories - few claims rejected on the ground of non-submission of documentary evidence - HELD THAT:- The captioned main CP has served its purpose i.e., it has outlived its utility. Next year it will be two decades old. Two decades may be contemporary history in a historian's perspective but in litigation, it is clearly vintage nay ancient. This Court is convinced that just and reasonable circumstance exists for acceding to dissolution prayer in the captioned application - OL is permitted to deposit balance in the hands of OL qua said Company in the Public Account of India in the Reserve Bank of India after making permissible Statutory deductions and after incurring permissible expenses i.e., permissible under said Act and Rules thereunder. To be noted such deposit in the Public Account of India is inter alia under Section 555 of said Act. This Court is informed that the Central Government has made rules for destruction of physical records in the office of the OL and the same are traceable to sub-sections (1) and (2) of Section 550 of said Act. The physical records in the office of OL and destruction of the same can be done in accordance with said Rules. Be that as it may, it is made clear as far as physical records qua main CP and application/s thereat in this Company Court are concerned, the same shall be governed by digitization which is now underway as the digitization process in this Court would be making provision for destruction of physical records also. Captioned application and main CP disposed of.
|