Hajner Biotech Energies Pvt. Ltd.(in Liquidation) Vs Reliance Asset Reconstruction Company Ltd.

1] In terms of the order dated 05.04.2023, the Official Liquidator was permitted to take out Misfeasance proceedings against the ExDirectors of Company in liquidation, as required under Section 543(1) of the Companies Act, 1956, on the basis of investigation report submitted by the Chartered Accountant.

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In filing the Misfeasance proceedings, there is delay of 50 days and by the present Official Liquidator’s Report this delay is sought to be condoned.

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(5)OLR-78-2023.doc

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2] On perusal of the report, it is revealed that Report No.22/2023 was submitted before the Court for permission to take out Misfeasance proceedings against the Ex-Directors of the Company and after the permission was granted, the proceedings could not be taken up inadvertently, before the expiry of the period and hence there is delay.

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3] The delay being bonafide and being procedural in nature, deserve to be condoned.

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The Official Liquidator’s Report is made absolute in terms of prayer clause (a).

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[BHARATI DANGRE, J]

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Hajner Biotech Energies Pvt. Ltd.(in Liquidation) v. Reliance Asset Reconstruction Company Ltd.

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Hajner Biotech Energies Pvt. Ltd.(in Liquidation) v. Reliance Asset Reconstruction Company Ltd.

Case brief

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