Official Liquidator of Shree Ramkrishna Electro Controls Limited. (in Liquidation) v. Twilight Prints Private Limited. (Petitioner)
Case brief
What is this about?
Dissolution of defunct companies in liquidation; Official Liquidator's Reports allowed; Bombay High Court OOCJ; Arif S. Doctor, J.; OLR No.160/2025 and 13 connected OLRs (Nos.3, 4, 5, 7, 11, 14, 15, 17, 18, 19, 20, 21, 26 of 2026); Companies Act 1956 — Section 555 transfer of unrefundable deposits to company liquidation account; no funds, no assets, no claims; dispensation with final dissolution compliances; winding-up orders 1998–2019; relied on Goan Riviera Resorts (2024) SCC Online Bom 751; Meghal Homes (2007) 7 SCC 753; Delfin Expo Mart (2023) SCC Online Del 3866; Vikas Motors (2023) SCC Online Del 4634; Indiana Spices (2020) SCC Online Del 705; Lalji Paper Mills (2019) SCC Online Del 10739; SEBI appeared in OLR No.160/25; petitioners include Manipal Finance Corpn., Reliance Industries Ltd., Indusind Bank, Ingram Micro India, BIFR.
What did the court decide?
Dissolution of the fourteen companies in liquidation with consequential dispensation with the compliances otherwise required during final dissolution; where deposits made by petitioners/creditors cannot be refunded despite best efforts, the Liquidator permitted to transfer such amounts to the company liquidation account under Section 555 of the Companies Act 1956.