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2016 (2) TMI 91 - GUJARAT HIGH COURT

2016 (2) TMI 91 - GUJARAT HIGH COURT - TMI - Company under liquidation - prayer for dissolution of company and Official Liquidator attached to this Hon’ble Court may be discharged and relieved as Liquidator of M/s. Windsor Foods Ltd. - Held that:- it is evident that as the Company in liquidation has no further realizable funds and assets, all the dues against the said Company have been settled and no claims survive, and as no objections have been received from any of the interested parties to th .....

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eport 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 further orders and directions as may be just deem fit and proper may also be passed. 2. Heard Mr.Gaurang H. Bhatt, learned .....

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ation and, after following due procedure, sold the assets and properties to M/s. Sable Waghire & Co. Pvt. Ltd., Pune, pursuant to an order dated 05.05.2004, passed by this Court, for a total sale consideration of ₹ 3,06,00,000/. 2.2 It is further submitted that pursuant to the order dated 16.06.2004, passed in Official Liquidator Report No.101 of 2003, the claims of the Secured, Unsecured and Preferential Creditors etc. were invited under Sections 529A and 530 of the Companies Act, 195 .....

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tors. 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 .....

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by the Incometax Department vide its order dated 07.12.2009. Permission was further sought to release the amount of ₹ 45,00,000/available with the Official Liquidator in proportion of 51% and 49% respectively, in favour of two Shareholders, contributories of the Company in liquidation, that is, M/s. Bhupati Investment & Finance Pvt. Ltd. and M/s. Distributors (Bombay) Pvt. Ltd. By an order dated 26.02.2010, passed in Official Liquidator Report No.24 of 2010, this Court permitted the O .....

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e erstwhile Company filed an application to the Incometax Department towards refund of an amount of not giving effect to the 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 a .....

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o keep the remaining amount for future expenses till the dissolution of the Company in liquidation, or otherwise. This prayer, made by the Official Liquidator, was accepted by this Court vide order dated 09.04.2014, passed in Official Liquidator Report No.141 of 2013. 2.6 It is further stated that though the Official Liquidator received an amount of ₹ 38,59,466/towards setoff of business loss and unabsorbed depreciation only for the Assessment Year 199394, he did not receive a refund towar .....

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t Year 199394, which has been received by the Official Liquidator on 08.05.2014. On receipt of the said amount, the Official Liquidator preferred Official Liquidator Report No.55 of 2014, interalia, seeking permission from this Court to permit him to release the amount of ₹ 11,50,000/in favour of two contributories, that is, M/s. Bhupati Investment & Finance Pvt. Ltd. and M/s. Distributors (Bombay) Pvt. Ltd. By an order dated 17.07.2014, passed by this Court in Official Liquidator Repo .....

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and assets or for any other reason, an order of dissolution of the Company, ought to be made. 2.8 Mr.Gaurang H. Bhatt, learned advocate for the Official Liquidator, has relied upon the judgment of the Supreme Court in Meghal Homes (P) Ltd. vs. Shree Niwas Girni K.K. Samiti And Ors., reported in (2007) 7 SCC 753, in this regard. The relevant extract of the said judgment is reproduced hereinbelow: 31. Now to recapitulate, the Company was ordered to be wound up on 2571984 and the Official Liquidato .....

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when the affairs of the Company had been completely wound up or the court f9inds that the official Liquidator cannot proceed with the winding up of the Company 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 windingup process. 2.9 It is submitted on behalf of the Official Liquidator that the Half Yearly Statement of Accounts of the aforesaid Company till 30.09.2014, have already been filed with th .....

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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 received from any of the interested parties to the dissolution of the aforesaid Company, in terms of the previsions of Section 481 of the Act. .....

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