TMI Blog2012 (8) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... nce fund available in the Company’s account to the Reserve Bank of India after creating provision or making payment towards the government fee, audit fee and liquidation expenses. - CO.PET. 330/2003 and Co. Appl. No. 1344/2012 - - - Dated:- 25-7-2012 - MS. JUSTICE INDERMEET KAUR, J. For respondent: Mr. Ashish Makhija, Adv. for Official Liquidator. INDERMEET KAUR, J. (Oral) 1. This application has been moved by the Official Liquidator attached to this Court under Section 481 of the Companies Act, 1956 (for short the Act ) inter alia praying that the Company-M/s. Karigar Auto Agencies Pvt. Ltd. (in liqn.) may be dissolved and the Official Liquidator may be discharged from further proceedings. It has also been prayed that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in response to the claim notice published on 29.01.2010. 6. It is further stated that during the proceedings, the ex.-Director of the Company has informed this Court that he has settled the Petitioning creditor of the Company (in liqn.) and there is no other creditor of the company (in liqn.). 7. It is stated that this Court vide order dated 18.04.2012 appointed M/s. G.C. Sharma and Sons, a valuer on the panel of the Official Liquidator, to evaluate the moveable assets of the Company (in liqn.) lying at the premises bearing no. B-1/74 Ashok Vihar Phase-II New Delhi and directed the Official Liquidator to sell the movable assets by circulating handbills as well as by publication of notice on its official website. The moveable assets sinc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany for want of funds or for any other reason, the Court can make an order dissolving the Company from the date of that order. This puts an end to the winding-up process. 11. In view of the above decision of the Supreme Court and the facts and circumstances of this case, the liquidation proceedings deserve to be brought to an end. Consequently, M/s. Karigar Auto Agencies Pvt. Ltd. is dissolved. The Official Liquidator is also permitted to make payments of Rs. 7,865/- to M/s. G.C. Sharma Sons, valuer out of the funds of the Company (liqn). The Official Liquidator is also permitted to transfer the balance fund available in the Company s account to the Reserve Bank of India after creating provision or making payment towards the governm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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