TMI Blog2022 (6) TMI 722X X X X Extracts X X X X X X X X Extracts X X X X ..... n the captioned application - OL is permitted to deposit balance in the hands of OL qua said Company in the Public Account of India in the Reserve Bank of India after making permissible Statutory deductions and after incurring permissible expenses i.e., permissible under said Act and Rules thereunder. To be noted such deposit in the Public Account of India is inter alia under Section 555 of said Act. This Court is informed that the Central Government has made rules for destruction of physical records in the office of the OL and the same are traceable to sub-sections (1) and (2) of Section 550 of said Act. The physical records in the office of OL and destruction of the same can be done in accordance with said Rules. Be that as it may, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led in support of the captioned application. 3. Mr.Bavisetty Sridhar, learned 'Deputy Official Liquidator' [hereinafter 'Dy. OL' for the sake of convenience and clarity] who is before this Court on behalf of OL, adverting to said report submits that 'Namakkal Sree Anjaneyaa Chit Fund Private Limited' [hereinafter 'said Company' for the sake of brevity, convenience and clarity] is the company which has gone into liquidation in main CP. It is submitted that said Company was ordered to be wound up in and by an order made by this Company Court way back on 23.01.2004 in main CP. Thereafter liquidation process kicked in or in other words, liquidation process commenced and it was continued in accordance with said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M.Muzeeb 85000 - 85000 For non-submission of documentary evidence 5 R.Vairava Perumal 95000 - 95000 For non-submission of documentary evidence 6 P.K.Vasantha 100000 - 100000 For non-submission of documentary evidence 7 K.Selvarani 4700 4700 - Fully Admitted 8 M.Kandasamy 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at captioned main CP has served its purpose i.e., it has outlived its utility. Next year it will be two decades old. Two decades may be contemporary history in a historian's perspective but in litigation, it is clearly vintage nay ancient. 7. In the light of narrative thus far, this Court is convinced that just and reasonable circumstance exists for acceding to dissolution prayer in the captioned application. 8. This takes this Court to the multi-limbed prayer in the captioned Company application. The multi limbed prayer consists of 8 limbs namely (a) to (h) as already alluded to supra. 9. Prayer limbs (a) to (c) and (g) are ordered as prayed for. As regards prayer limbs (d) and (e), OL is permitted to deposit balance in the ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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