TMI Blog2019 (7) TMI 836X X X X Extracts X X X X X X X X Extracts X X X X ..... dard Chartered bank therefore, the amount is lying with the OL - In view of the provisions contained in Section 555 of the Companies Act the OL is permitted to deposit this amount into Public Account of India in RBI in separate account to be known as Company s Liquidation Account. It would be just and reasonable to dissolve the company under section 481 of the Companies Act - petition disposed off. - COMP 3/2003 - - - Dated:- 24-4-2019 - MR PRAKASH SHRIVASTAVA, J. For The Applicant : Mr H.Y. Mehta, Ld. Counsel ORDER 1. OLR 16/2019 has been filed for the purpose of passing of final order in respect of dissolution of company in liquidation. 2. Having heard the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 7,95,770/- towards the dues of the workers with the OL and had permitted the OL to invite the claim from the creditors including ex-workmen of the company. In terms of said directions standard chartered bank had deposited the sum of ₹ 7,95,770/- with the OL on 6/2/2017 under Section 13(9) of the SARFAESI Act 2002 towards the dues of the workmen. The proviso to Section 13(9) reads as under:- Provided also that the liquidator referred to in the second proviso shall intimate the secured creditors the workmen s dues in accordance with the provisions of Section 529A of the Companies Act, 1956 (1 of 1956) and in case such workmen s dues cannot be ascertained, the liquidator shall intimate the estimated amount of workmen s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 7,95,770/-received from the standard chartered bank Mumbai was required to be remitted back to it. All the assets of the company in liquidation were sold, hence the OL had called meetings of the secured creditors i.e. standard chartered bank and Punjab national Bank on 6/4/18 and 26/4/18 to ascertain the assets/properties of the company in liquidation if any left. But no secured creditor had attended the meeting. In this background this court on the request of OL on 21/8/18 had permitted the OL to publish the notice in respect of final winding up order and dissolution of the company in Economic Times (English) All India Edition and Dainik Bhaskar (Hindi) All MP Edition. Hence the notices in terms thereof were published on 29/11/2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce the details have not been provided by the Standard Chartered bank therefore, the amount is lying with the OL. 10. In view of the provisions contained in Section 555 of the Companies Act the OL is permitted to deposit this amount into Public Account of India in RBI in separate account to be known as Company s Liquidation Account. 11. In terms of Rule 281 of the Companies (Court) Rules, 1959, the accounts of the company in liquidation have been audited by M/s V.Bagla Company, Chartered Accountants and their audit report dated 1/2/2019 has been filed as Annexure F alongwith the OLR. 12. The record reflects that as on 14/3/2019 total fund available in the account of company in liquidation as per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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