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TMI Blog2017 (8) TMI 1145X X X X Extracts X X X X X X X X Extracts X X X X ..... f realization against the M/S Cartel Attire Private Limited (hereinafter as 'respondent company') and also seeking winding up order against respondent. 3. The petitioner is engaged in the business of cloth fabrication and the respondent is also in the same field. On the demand of the respondent company, the petitioner has extended short term loan/arrangement to the respondent to the tune of Rs. 12.00 Lacs to be repaid within one year with interest @ 18% pa. 4. Respondent committed default in repayment of loan amount and petitioner vide letter dated 01.11.2010 intimated to respondent that as on 31.03.2010 there was debit balance of Rs. 12,38,889/- and as on 31.10.2010 there was outstanding balance of Rs. 4,10,000/-. The respondent v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry notices to the Income Tax, Sales Tax, Registrar of Companies, General Post Office and notices under Section 454, 456 of the Companies Act, 1956 along with notices under Rule 130 of the Companies (Court)Rules 1959 were issued to both the Ex-directors for handing over the assets, records and books of accounts of the company (in liquidation) and to file Statement of Affairs under section 454 of Companies Act, 1956 with the office of the Official Liquidator. The ex-directors were further called upon to visit the office for recording their statements under Rule 130 of the Companies (Court) Rules 1959. 9. This Court vide order dated 03.09.2012 appointed Mr. Rajender Prasad as valuer in the above said matter to evaluate the goods lying on Grou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Manoj Kumar Sabharwal on 02.08.2011 and by Smt. Rosy Sabharwal on 21.08.2012. The Statements of Affairs were found to be defective and defects were duly communicated to both the ex-directors. 13. In respect of incomplete record, an application being C.A. No.2017/2012 under Section 468/477 of the Companies Act, 1956 was filed by the Official Liquidator, which was dismissed vide order dated 24.02.2015 as infructuous. 14. Shri Manoj Kumar Sabharwal, ex-director of the company pursuant to the order dated 19.05.2014 visited the office of official Liquidator on 18.07.2014. He stated that all such records as required by the Chartered Accountant were in Computer which was sold by the Official Liquidator. In this regard, it is clarified that as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quidation) maintained by the Official, the fund position of the company as on 12.07.2017 is Rs.(-) 71,485/-. 20. There are no assets of the company which could be realized. Further, as aforesaid the fund position as aforestated is not such that any claims could be invited or settled. 21. Hence, in view of the facts as stated and explained herein above the official liquidator is of the view that no fruitful purpose would be achieved by keeping the liquidation proceedings pending. Accordingly, the Official Liquidator has preferred the present application u/s 481 of the Companies Act, 1956 seeking Dissolution of the Company (in liquidation) as neither any amount/assets need to be realized nor any claim requires to be settled/disbursed. 22. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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