TMI Blog2018 (1) TMI 504X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Fund Act against the company to proceed against the Ex-Directors if so permissible in law for the purpose of recovery of the provident fund dues. As stated in the report, since disbursement of the amount from the company’s account took place in favour of the secured creditors and the workers, before the judgment rendered by the Hon’ble Supreme Court in the case of E.P.F. Commissioner (2011 (11) TMI 639 - Supreme Court Of India), nothing could be done at this stage in connection with the provident fund dues for which proceedings are initiated by the concerned authorities under the Employees’ Provident Fund Act somewhere in the year 2013. In view of the above, the company in liquidation – M/s.Anjali Coating Private Limited is ordered t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Makarpura, Vadodara 390 010 and factory premises 87, GIDC Industrial Estate, Por, District : Vadodara. Accordingly, the representatives of Official Liquidator have took possession of both properties of the company in liquidation situated at Registered Office at 19, GIDC, Makarpura, Vadodara 390 010 and factory premises at 87, GIDC Industrial Estate, Por, District : Vadodara on 25.07.2002. 6. That, the Official Liquidator most respectfully submits that the Hon ble High Court of Gujarat vide order dated 26.07.2006 passed in OLR No. 81 of 2006 has confirmed sale of the properties and assets situated at Plot No.19, GIDC, Makarpura, Vadodara in favour of M/s.Gujarat Glass (P) Limited for ₹ 86 Lacs. On receiving full sale conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dator had filed Criminal Case No.5 of 2002 before Hon ble High Court against the Ex. Directors of the company in liquidation for non filing of Statement of Affairs under Section 545(5) of the Companies Act, 1956. The Hon ble High Court vide order dated 12.03.2013 passed in Criminal Case No.5 of 2002 has disposed of the said Criminal Case observing that accused No.1 is not traceable despite the orders made by the Court to the Police Authorities. 10. That, the Official Liquidator most respectfully submits that at present no fund is available in company s account. Therefore, question about inviting claims from various classes of creditors does not arise. Looking at the totality of the circumstances, the Official Liquidator is of the opin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide letter dated 03.11.2017 sent reply to Employees Provident Fund Organization. A copy of letter dated 03.11.2017 of Official Liquidator is annexed hereto and marked as Annexure H . However, the Official Liquidator has disbursed the sale proceeds to the secured creditors and workers of the company prior to the order passed by the Hon ble Supreme Court of India. Therefore, at present no fund / assets of the company in liquidation is available to make the payment to any class of the creditor. 12. That, the Official Liquidator most respectfully further submits that this company was proposed for dissolution and necessary advertisement was published in the newspaper on 21.06.2011 for raising objection, if any, by the persons, creditors, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Secured Creditors, petitioner creditor and Ex-directors of the subject company regarding proposed dissolution vide Official Liquidator various letters dated 20.09.2017. However, no objection is received by the Official Liquidator. Therefore, the Official Liquidator humbly opine that the subject company may be dissolved at the earliest by suitable order of this Hon ble High Court. [3] Learned advocate Ms.Chandarana appearing for the Official Liquidator submitted that as per the report of the Chartered Accountant annexed with the present report at Annexure J , the company has no balance in cash, in bank and in FDR and there are no assets left with the company. She submitted that as stated in the report, the dues of the secured creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to take any action in furtherance of winding up proceedings. Since there are no funds available in the company s account, it will be for the concerned authorities before which the proceedings are pending under the Employees Provident Fund Act against the company to proceed against the Ex-Directors if so permissible in law for the purpose of recovery of the provident fund dues. As stated in the report, since disbursement of the amount from the company s account took place in favour of the secured creditors and the workers, before the judgment rendered by the Hon ble Supreme Court in the case of E.P.F. Commissioner (supra), nothing could be done at this stage in connection with the provident fund dues for which proceedings are initiated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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