TMI Blog2022 (11) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... t When the affairs of the Company had been completely wound up or the courts find that the official Liquidator cannot proceed with the winding up of the Company for want of funds or for any other reason, the court can make an order dissolving the Company from the date of that order. This puts an end to the winding-up process. The Company, named, M/s. ARM Polymers Limited (In Liquidation) is hereby dissolved under Section 481 of the Act and the Official Liquidator attached to this Court stands discharged and is relieved as liquidator of M/s. ARM Polymers Limited (In Liquidation). The official liquidator is also permitted to make the payment of Rs. 1500/- to M/s. P.C. Rathod Co., Chartered Accountants towards preparation of Auditor s Certific ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dge, Ahmedabad-380006. 2 Mr. Sanjay S. Sheth, 26, Jay Shefali Park, Nr. Shivranjni Circle, Satelite Road, Ahmedabad 380015. Sr. No. Name of Secured Creditors 1 IDBI Bank Ltd. 2 Bank of Baroda (erstwhile Vijaya Bank) 3 State Bank of India 5. The report also indicates that in compliance of winding up order, the Official Liquidator had taken possession of Regd. Office and Factory premises of the company situated at Plot No. A/1/477, Phase-II, GIDC Vatva, Ahmedabad and 31 K.M. Stone, Sanand-Viramgam Highway, Village : Iyava, Taluka : Sanand, Dist. Ahmedabad. It is further submited that after taking possession, the Official Liquidator had filed compliance report being Official Liquidator Report No. 365 of 2004 wherein praying various direction i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... worker Mr. Nihar Satyavrat Choudhry was moved Company Application No. 93 of 2010 before this Court to get his outstanding dues of Rs. 1,44,085/- against the Company in liquidation. In this connection, this Court vide order dated 30-04-2010 directed the Official Liquidator to verify the claim of applicant Mr. Nihar Satyavrat Choudhry through the Chartered Accountants and make payment as per claim verification of report. Accordingly, the Official Liquidator verified the claim of Mr. Nihar Satyavrat Choudhry through Mr. Vibhakar J. Trivedi Co., Chartered Accountants and they have verified the claim of Rs. 1,32,000/- Mr. Nihar Satyavrat Choudhry and accordingly, the amount of Rs. 1,32,000/- was paid to Mr. Nihar Satyavrat Choudhry in terms of o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that as per the provisions of Section 481 of the Companies Act, 1956 when the affairs of a company have been completely wound up or when the Court is of the opinion that the liquidator cannot proceed with the winding up of a company for want of funds and assets or for any other reason whatsoever and it is just and reasonable in the circumstances of the case that an order of dissolution of the company should be made, the Court shall make an order that the company be dissolved from the date of the order and the company shall be dissolved accordingly. 12. It is also submitted that in this regard the Official Liquidator would like to rely upon following judgment passed by the Hon ble Supreme Court of India in case of Meghal Homes Pvt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arding proposed dissolution. However, Directors letters are returned back with remarks of postal department LEFT and no reply is received from Income Tax Department in the matter. It is also submitted that the Official Liquidator also issued letters dated vide Official Liquidator s letters dated 01-03- 2022 to the Secured Creditors of the subject company regarding proposed dissolution. In response to the letter dated 01-03-2022, the IDBI Bank Ltd. has submitted letter dated 16-3-2022 in which they informed that they have received amount of Rs. 3,89,38,456/- against their total outstanding claim of Rs. 12,18,59,077/-. it is also submitted that Half Yearly Statement of Accounts of the aforesaid Company have already been filed with this Hon bl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r balance fund, if any, will be transferred in the Common Pool Fund to meet out future expenses, if any in the said company in liquidation. 18. In light of the aforesaid submissions, it was prayed that present report be accepted and appropriate orders for dissolution of company in liquidation may be passed. 19. Having heard the learned advocate for the Official Liquidator and on perusal of the record of this report and in the facts of this case and considering the ratio laid down by the Hon'ble Apex Court in the case of Meghal Homes Pvt. Ltd. (supra), the report deserves to be accepted. The Company, named, M/s. ARM Polymers Limited (In Liquidation) is hereby dissolved under Section 481 of the Act and the Official Liquidator attached to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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