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2016 (8) TMI 171 - GUJARAT HIGH COURT

2016 (8) TMI 171 - GUJARAT HIGH COURT - TMI - Report from Official Liquidator - Held that:- The record indicates that as per the order dated 26.4.2016, the Official Liquidator has not filed any further report. Cumulatively considering the aforesaid facts therefore, the Official Liquidator is hereby directed to file an appropriate report within a period of eight weeks from today based upon the report of the Chartered Accountant as regards various claims and for appropriate direction for making pa .....

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2. By this summons, the applicant has prayed for the following reliefs: A) This Hon'ble Court be pleased to direct the Official Liquidator to file his Report for the amount lying with him; B) This Hon'ble Court be pleased to direct the Official Liquidator to submit the report of the CA for considering/non considering the claims of various claimants pursuant to the advertisement made on 13/12/2011; C) This Hon'ble Court be pleased to pass the orders directing the O.L. for making paym .....

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d accordingly, the Official Liquidator took possession of the assets and properties of the said Company. The record indicates that after possession was taken over, the Official Liquidator put to sale the immovable property situated at Village Rajpur, Taluka Kadi, District Mehsana and the said property came to be sold for a consideration of ₹ 2.45 crores as per the order dated 27.8.2010 passed by this Court in Official Liquidator Report no.156 of 2009. This Court, while disposing of the Off .....

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tion 471 of the Companies Act, 1956 read with Sections 529, 529A and 530 of the Companies Act, 1956 as well as Rules 275 to 280 of the Companies (Court) Rules, 1959, the present summons is filed by the ExDirector of the Company in liquidation. In response to the notice issued by this Court, the Official Liquidator filed a report dated 23.12.2013. The Official Liquidator has also brought on record the procedure followed by the Official Liquidator for disposal of the immovable property of the Comp .....

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and the claims were also sent for its verification to the Chartered Accountant and as per the report of the Chartered Accountant dated 25.3.2013, it was found that no amount was payable to Bank of India and Gujarat State Financial Corporation. It is found that an amount of ₹ 39,43,101/-is payable to Central Excise Department and an amount of ₹ 4,55,083/-is payable to Commercial Tax Department as preferential creditors and amounts of ₹ 10,44,200/-, ₹ 2,49,319/-and ₹ .....

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dent fund dues should be given preference. The averment so made by the Official Liquidator is also supported and based upon the relevant annexures. The Provident Fund department has also appeared through the learned advocate Mr. E. Shailaja and has filed an affidavit dated 16.4.2014 and has declared before this Court that an aggregate amount of ₹ 7,930/-is payable as provident fund under Section 14B of the EPF & MP Act, 1952 as well as the amount of ₹ 4,702/-is payable as provide .....

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Official Liquidator to make payment to the creditors of the Company in liquidation as per the claim verified by the verification report dated 24.5.2014 of M/s. Shah Dinesh Dahyalal and Associates, Chartered Accountants. The Official Liquidator has also prayed that the Unsecured Creditors be directed to file an undertaking along with the necessary documentary evidence proving their claim after receipt of the same and after receipt of the same, the Official Liquidator may be permitted to make pay .....

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ated 23.12.2013, 23.06.2014, 06.08.2014 and 10.09.2014. The material facts stated in the official liquidators reports are, (i) the dues payable to the Employees Provident Fund Organization is to the tune of ₹ 7930/-, (ii) the Custom Tax Department, the Commercial Taxes Department and the Central Excise Department are the preferential creditors and their dues upto the date of winding up and payable are to the tune of ₹ 6,26,208/-, ₹ 2,02,184/-and ₹ 39,12,345/-respectively, .....

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ses of creditors, adequate fund is available. Therefore, there is no impediment in proceeding in accordance with the rules. 4. In the last report dated 10.09.2014, the official liquidator inter alia submitted that the Income Tax Department has not submitted its claim, despite the official liquidator addressed a communication to the Income Tax Department. In that context, it is prayed that the Income Tax Department may be pleaded as party respondent so that its stand can be ascertained in respect .....

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from today. The expenses thereof shall be born by the respondent as stated by learned advocate for the applicant. [d] The official liquidator shall in the meantime also proceed to send letters by speed post addressing to the creditors individually as required under the rules. [e] The proposed disbursement shall take place not earlier than one month from the date of publication of notice. Stand over to 8th October, 2014. 5. In response to the same, the Official Liquidator has again filed a furth .....

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no.3. The Official Liquidator has thereafter filed a further report dated 10.9.2014. The Official Liquidator has further reiterated that the amount of ₹ 7,930/-to be payable to Employees Provident Fund Organization are required to be paid prior to all other debts as per the judgment of the Apex Court. The Official Liquidator has also declared that as per the verification report of the Chartered Accountant, no due is payable under Sections 529 and 529A of the Companies Act, 1956 and all cl .....

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ial Liquidator, pursuant to the order dated 18.9.2014, has filed a further report dated 10.9.2014 and has brought on record the fact of the compliance of the order dated 18.9.2014, publication of notice in two daily newspapers as well as the response received from the Customs Department and also the factum that the Customs Department, M/s. Jindagi Enterprises and M/s. Par Exports have already been paid their dues and the remaining creditors shall be paid the dues as and when their Bank details a .....

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t dated 29.3.2016 of the Chartered Accountant and has prayed that the Official Liquidator be permitted to make payment to 13 contributories/shareholders amounting to ₹ 23,17,000/-. The record indicates that this Court passed a further order on 26.4.2016 as under:- 1. These Judges Summons have been taken out by the applicant, who is an ExDirector of M/s.Real Laminates Private Limited (In Liquidation) by making the following prayers: 10. This Hon'ble Court may further be pleased to pass .....

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legal claims in accordance with Section 475 of the Companies Act, 1956. 12. The Official Liquidator be directed to do all needful things as required to return of capital to Contributories with the permission of the Hon'ble Court; 13. In view of the facts stated above, the applicant, therefore prays the Hon'ble Court to direct the Official Liquidator to take immediate and urgent steps for the distribution of residual amount as prayed, which is long outstanding. 2. Mr.Mrugesh Jani, learne .....

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perties of the Company for ₹ 2.45 crores and the sale proceeds realized by the Official Liquidator have been kept in a Fixed Deposit. It is further submitted that as per the provisions of Section 475 of the Companies Act, 1956 (the Companies Act), the Official Liquidator is obliged to adjust the rights of the Contributories amongst themselves and distribute any surplus amount amongst the persons entitled thereto out of the residuary amount left with the Official Liquidator, after settling .....

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t to the Report filed by the Official Liquidator, dated 08.04.2016, and has submitted that insofar as the payment to thirteen Contributories is concerned, their claims have been verified by the Chartered Accountant, the Report of which is annexed at AnnexureE (running Page 184 of the Paperbook). It is stated in the said Report that the Chartered Accountants have prepared Form No.140 as per Rule 279 of the Companies (Court) Rules, 1959 (the Companies (Court) Rules) and the same has been sent to t .....

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t of ₹ 3,38,240/-to M/s.Navnitlal & Co., Advertising Agency, towards the advertisement charges as per the Bill dated 26.09.2015, from the funds available with the Account of the Company. 6. It is further submitted by Mr.Hasurkar that the Official Liquidator may also be permitted to make the payment of ₹ 30,756/-, being the Excise duty (Rs.15,256 + Penalty of ₹ 15,500/-) being Government dues having a preferential claim or such other and further orders as may be deemed fit a .....

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