TMI Blog2022 (5) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... rt, shall be deposited in the appropriate Public Account of India in the Reserve Bank of India after making permissible standard statutory deductions and after incurring reasonable incidental expenses as permissible under the statute and the Rules threat i.e., said Act and Rules therein. The company is dissolved - application allowed. - Company Application No.329 of 2021 in Company Petition No.42 of 1981 And Company Petition No.42 of 1981 - - - Dated:- 11-3-2022 - Honourable Mr.Justice M. Sundar For the Applicant : Mr.Bavisetty Sridhar, Deputy Official Liquidator ORDER This common order will dispose of captioned company application (C.A.No.329 of 2021) and captioned company petition i.e., C.P.No.42 of 1981 (hereinafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... little over Rs.80.60 lakhs. (To be noted, Rs.80,60,173/- to be precise). 5. Adverting to the said report, learned Dy.OL further submits that the State Bank of Hyderabad which is a secured creditor qua said company has been settled to the tune of Rs.65 lakhs and that was pursuant to earlier orders made by this Company Court. Thereafter, the fund position of said company as of December 2021 has been set out in paragraph 8 of the said report, which reads as follows: 8.That the funds position of the company in liquidation as on 30.11.2021 is as follows: Cash Rs. 12.00 Bank Rs. 3,10,974.28 Investment Rs. 44,95,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tage matter as it would be more appropriate to describe the captioned main CP as an ancient matter. 8. A careful perusal of the said report of OL and the three annexures to the same viz., Annexures A, B and C brings to light that there are no claims as of today and the fund position of the said company though to the tune of a little over Rs.48.05 lakhs i.e., Rs.48,05,986.28 to be precise is lying idle. No useful purpose will be served by keeping the captioned main CP pending in this Company Court any further. It would only be idling of the undisbursed funds and it will eventually become a classic illustration qua age old adage 'penny wise, pound foolish exercise' as money spent in keeping the main CP pending is not likely to yiel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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