In an application under the APGST Act and Company Court Rules, the petitioner sought adjudication of claims at par with workers. The Official Liquidator reported no assets. The High Court closed the application without costs.
The Company Application is closed. No costs.
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IN THE HIGH COURT OF ANDHRA PRADESH :: AT AMARAVATI
THURSDAY,THE FOURTH DAY OF APRIL
TWO THOUSAND AND TWENTY FOUR
PRESENT
HONOURABLE MS. JUSTICE B. S. BHANUMATHI
Company Application No. 1316 of 2005 in Company Petition (RCC) No. 14 of 1994
Between:
The Commercial Tax Officer, Akividu, W.G. District.
...APPLICANT
AND
- M/s. Padmaja Agro Tech & Oils Ltd., (In Liqn.), renamed as M/s. The Padmaja Edible Bran Oils Ltd.
N.R.P. Agraharam, Undi Mandal, W.G.District,
rep. by the Official Liquidator, High Court of A.P., Kendriya Sadan, Koti, Hyderabad.
- A.P. State Financial Corporation, Chirag Ali Lane, Abids, Hyderabad.
- A.P. Industrial Corporation Limited 5-9-58/B, Parishrama Bhavan,
Bhimavaram, W.G. District,
Andhra Pradesh.
...Respondents
Petition under Section 16 (C) of APGST Act, r/w. Rule 9 of Company Court Rules, 1959 praying the Hon’ble High Court to direct the Official Liquidator to adjudicate the claim of the applicant at par with dues to the workers and other secured creditors pursuant to Section 529(A) & 530 of the Companies Act and consequently direct the Official Liquidator to pay the same, if such determination is accepted by the applicant.
Counsel for the Appellant: Counsel for the Respondent No.1:
GP FOR COMMERCIAL TAX SRI T V P SAI VIHARI
(SC FOR OFFICIAL
LIQUIDATOR)
Counsel for the Respondent No.3: Counsel for the Respondent No.4:
M/S RS ASSOCIATES
SMT K UDAYASRI
The Court made the following ORDER :
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BSB, J COMPA.No.1316
APHC010234392005
IN THE HIGH COURT OF ANDHRA PRADESH AT AMARAVATI [3311] (Special Original Jurisdiction)
THURSDAY, THE FOURTH DAY OF APRIL TWO THOUSANDAND TWENTY FOUR
PRESENT
THE HONOURABLE MS JUSTICE B S BHANUMATHI
COMPANY APPLICATION NO: 1316/2005
Between:
The Commercial Tax Officer, W.D.District
...APPELLANT
AND
M/s Padmaja Agro Tech Oils Ltd Hyderabad 3 Others ...RESPONDENT(S) and Others
Counsel for the Appellant:
1.GP For Commercial Tax (A.P)
Counsel for the Respondent(S):
1.1766/S Sri Ram Reddy
2.4199/K Udaya Sri
3.4006/T Sharath
4.T V P Sai Vihari (SC For Official Liquidator)
The Court made the following:
The Company Application is filed seeking the followingprayer:
This petition is filed to direct the Officiel Liquidatorto adjudicate the claim of the applicant at par with duestotheworkers and other secured creditors pursuant to Section 529A&530ofthe Company Act and consequently direct the Official Liquidatortopay the same...."
- The Official Liquidator representing the 1®‘ respondentfiledthereport
dated 21.03.2024 stating as follows:
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, BSB, J COMPA.No.13I6
Already a report dated 21.09.2020 was filed in this matter. As per the records of the office of the Official Liquidator, APIDC had seized the assets of the company and remained outside the liquidation proceedings for pursuing its statutory remedies and accordingly, this High Court vide order dated 16.01.1997 in C.A.No.227 of 1996 allowed the application with the following directions.
A copy of the Court order dated 16.01.1996 is filed as Annexure-A. As per the Statement of Affairs of the company in liquidation filed by the exdirector of the company. Under List - C “Preferential Creditor for Rates, Taxes, Salaries, Wages and Otherwise’. The copy of the extract of the List-C of the statement of affairs is filed as Annexed-B. The assets of the company were sold by APIDC and hence, the Official Liquidator’s claim over the assets of the company (in Liqn) is restricted to the workmen dues only as per the above order. No other assets of the company (in Liqn) have comeinto the possession of the Official Liquidator and thereby no funds were realized out of the sale of assets/properties of the subject company. As per the records of - the office of the Official Liquidator, the fund position of the company as on date of the report was Rs.9,557/- which was received from the banks after
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BSB, J COMPA.No.1316
closure of the bank accounts maintained by the companyandthesaidamount is required to meet the future liquidation expenses to be incurred by the Official Liquidator. Due to non-availability of the funds, the Official Liquidator had neither invited the claims from the workmen and the creditors of the company nor it declared any dividend to the workmen and creditors, including the applicant herein. The office of the Official Liquidator did not receive any claims from the workmen/creditors of the company, even from the applicant here, which fact was brought to the notice of this Court in the earlier report dated 21.09.2020. As more than 29 years have been passed since the binding order passed in 1996, it appears that the company does not have any assets for realization and no further affairs to be pursued by the Official Liquidator. If the present application is disposed of, the feasibility of filing of dissolution application under Section 481 of the Companies Act, 1956 may be examined.
- The Official Liquidator requested to dismiss the application in view of the above facts and circumstances.
- Accordingly, the Company Application is closed. Nocosts.
Pending miscellaneous applications, if any, shall standclosed.
SD/- P.VENKATA RAMANA
JOINT REGISTRAR
//TRUE COPY//
SECTION OFFICER
To
HIGH COURT
DATED:04/04/2024
ORDER
COMPA.No.1316 of 2005
ANos;^
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. Current Section * ^
CLOSING THE COMPANY APPLICATION
1 issue framed by the court
Whether the company application should be closed considering the report filed by the Official Liquidator stating no assets are available for realization.
4 provisions across 3 enactments
The Commercial Tax Officer, Akividu
M/s. Padmaja Edible Bran Oils Ltd.
B S Bhanumathi
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
