TMI Blog2016 (2) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... Company in liquidation, is hereby ordered to be dissolved from the date of this order. - OFFICIAL LIQUDATOR REPORT NO. 129 of 2015, COMPANY PETITION NO. 243 of 2002 - - - Dated:- 1-12-2015 - SMT. ABHILASHA KUMARI, J. FOR THE APPELLANT : MR GAURANG H BHATT, ADVOCATE FOR THE PETITIONER : OFFICIAL LIQUIDATOR ORAL ORDER 1. The present Report by the Official Liquidator has been filed with the following prayers: (A) The Company in Liquidation may ordered to be dissolved in terms of Section 481 of the Companies Act, 1956 and the Official Liquidator attached to this Hon ble Court may be discharged and relieved as Liquidator of M/s. Windsor Foods Ltd., (In Liquidation). (B) This report filed for such other and furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Official Liquidator received claims from various classes of creditors and has already settled the dues of all the classes of creditors. 2.3 It is further submitted that the Company in liquidation had two Shareholders M/s. Bhupati Investment Finance Pvt. Ltd. and M/s. Distributors (Bombay) Pvt. Ltd., having a shareholding of 51% and 49% respectively. The Official Liquidator has paid the amount of ₹ 2,00,00,000/to M/s. Bhupati Investment Finance Pvt. Ltd. and M/s. Distributors (Bombay) Pvt. Ltd., shareholders in proportion to their shareholding, that is, 51% and 49% respectively, in terms of the order dated 23.03.2007, passed by this Court in Company Application No.78 of 2007. The Official Liquidator has retained with him an am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... various Appellate Tribunal orders by the Incometax Department, in favour of the erstwhile Company. The Official Liquidator had followed up the matter with the Incometax Department and in response thereto, the Official Liquidator received a Cheque of ₹ 38,59,466/, in favour of the Company in liquidation, from the Incometax Department, towards setoff of business loss and unabsorbed depreciation for the Assessment Year 199394, which was not previously allowed to the Company in liquidation. Thereafter, the Official Liquidator preferred Official Liquidator Report No.141 of 2013, interalia, praying to this Court to permit him to release the amount of ₹ 38,59,466/in proportion of 51% and 49% respectively, in favour of two Shareholders, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and M/s. Distributors (Bombay) Pvt. Ltd. By an order dated 17.07.2014, passed by this Court in Official Liquidator Report No.55 of 2014, the Official Liquidator was permitted to disburse the amount of ₹ 11,50,000/in the proportion of 51% and 49%, respectively, to the two contributories of the Company in liquidation. 2.7 It is submitted on behalf of the Official Liquidator that as per the provisions of Section 481 of the Act, when the affairs of the Company have been completely wound up or when the Court is of the opinion that the liquidator cannot proceed with the winding up of a Company for want of funds and assets or for any other reason, an order of dissolution of the Company, ought to be made. 2.8 Mr.Gaurang H. Bhatt, learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no balance in the account of Company in liquidation. As per the Balance Certificate dated 06.11.2015 issued by M/s. Vibhakar J. Trivedi Co., Chartered Accountants, there is Nil Balance in the account of the Company in liquidation. A copy of the Balance Certificate dated 06.11.2015 has been annexed as Annexure' E' to the present Report. 2.10 It is further submitted on behalf of the Official Liquidator that the Company in liquidation no longer has any further realizable assets and only the aforesaid amount is available in the accounts of the Company. The Official Liquidator has settled all dues against the Company in liquidation. There are no claims, as on today, against the aforesaid Company and no objections have been receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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