Allowed¶26

M/S Kalyani Petro -Chem(P) Ltd. v. Sanjay Gulati & Others

Delhi HC7 Nov 2025CRL.O.(CO.)/22/2013

Case brief

AI extract

What is this about?

Dissolution under Section 481, Companies Act 1956; winding-up of Kalyani Petro Chem Ltd (in liqn) completed; assets sealed by Vijaya Bank under SARFAESI Act 2002 or found owned by third party (Alliancz Poly-Chem Overseas Ltd); no creditor claims received; Statement of Affairs not filed by Ex-Directors; negative OL fund balance; OL application allowed; objections in CRL.O.(CO.) 22/2013 disposed of as not pressed; Delhi HC, Prateek Jalan J, 07.11.2025.

What did the court decide?

Official Liquidator's application under Section 481 of the Companies Act, 1956 allowed; Company dissolved under Section 481; company petition disposed of with pending report taken on record and disposed of; objections in CRL.O.(CO.) 22/2013 disposed of as not pressed; pending applications disposed of. ¶26

M/S Kalyani Petro -Chem(P) Ltd. Vs Sanjay Gulati & Others — Company and Corporate | Delhi HC (2025)

What the court decided

AI extract

Outcome

¶26

Issue for consideration

Whether an order for dissolution of M/s Kalyani Petro Chem Ltd (in liquidation) under Section 481 of the Companies Act, 1956 is warranted. +1 more

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Court's answer

That, in view of the foregoing facts and circumstances (assets sealed under SARFAESI or belonging to a third company, no creditor claims received, Statement of Affairs not submitted by Ex-Directors, and negative fund balance with the OL), an order for dissolution of the Company is warranted.

¶25

Ratio / Principle

That the Company (M/s Kalyani Petro Chem Ltd, in liquidation) is directed to be dissolved under Section 481 of the Companies Act, 1956.

¶27

Key takeaways

That, in view of the order passed in CO.PET. 561/2012, the objections in CRL.O.(CO.) 22/2013 are not pressed and that matter is disposed of accordingly.ratio¶33

Detailed headnote1 paragraphs

Delhi High Court (Prateek Jalan, J., 07.11.2025): Allowed the Official Liquidator's application under Section 481 of the Companies Act, 1956 and directed dissolution of M/s Kalyani Petro Chem Ltd (in liquidation) in CO.PET. 561/2012. The Company had been ordered wound up vide order dated 17.07.2014 and the winding-up citation was published in 2014. Of the three immovable properties initially listed as assets, the Pusa Road registered office and the Budhpur factory were found sealed by Vijaya Bank under the SARFAESI Act, 2002, while the Dadra property, whose possession the OL took on 17.03.2016, was found to belong to M/s Alliancz Poly-Chem Overseas Limited. Despite invitation of claims pursuant to order dated 15.09.2014, no creditor claims were received; the Ex-Directors failed to submit the Statement of Affairs; and the fund balance with the OL stood in the negative. Holding dissolution warranted, the Court dissolved the Company under Section 481, took the pending report on record and disposed of it together with the company petition; in CRL.O.(CO.) 22/2013 the objections were recorded as not pressed and disposed of, and pending applications were likewise disposed of.

¶1

$~C-3 and 4

¶2

IN THE HIGH COURT OF DELHI AT NEW DELHI

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CO.PET. 561/2012 & OLR 325/2016

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APAR INDUSTRIES LTD .....Petitioner Through:

¶5

versus

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KALYANI PETROCHEM PVT LTD .....Respondent Through: Dr. D. Bhattacharya, Standing Counsel for OL.

¶7

- CRL.O.(CO.) 22/2013 & CO.APPL. 313/2025

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M/S KALYANI PETRO -CHEM(P) LTD .....Petitioner Through:

¶9

versus

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SANJAY GULATI & OTHERS .....Respondents Through: Mr. D. Bhattacharya, Standing Counsel for OL.

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CORAM:

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HON’BLE MR. JUSTICE PRATEEK JALAN

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O R D E R

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% 07.11.2025

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CO.APPL. 312/2025 ( for directions ) & CO.PET. 561/2012

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The present application has been filed by the Official Liquidator [“OL”] under Section 481 of the Companies Act, 1956, seeking an order for the dissolution of M/s Kalyani Petro Chem Ltd. (in liquidation) [“the Company”]. Pursuant to the winding-up proceedings, the company was ordered to be wound up by this Court vide order dated 17.07.2014. In compliance with the said order, the citation of the winding-up was duly

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CO.PET. 561/2012 and CRL.O.(CO.) 22/2013 Page 1 of 3

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This is a digitally signed order.

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The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 11/11/2025 at 14:49:54

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published in the year 2014.

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The following immovable properties were initially included in the list of assets of the Company:

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i. 23-B, Second Floor, Pusa road, New Delhi (registered office); ii. 235, Budhpur, G. T. Karnal Road, Delhi (factory); iii. 278/1/1, Gala No. 2, Shreejee Industrial Estate, Dadra-30.

¶23

Subsequently, it was found that the aforesaid properties at serial Nos. (i) and (ii) were sealed by Vijaya Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [“SARFAESI Act, 2002]. Further, the possession of the property at serial No. (iii) was taken by the OL on 17.03.2016. However, it was subsequently found to belong to another company – M/s Alliancz Poly-Chem Overseas Limited.

¶24

Pursuant to the order dated 15.09.2014, the OL invited claims from the creditors of the Company. However, no claims were received. The Ex-Directors of the Company have also failed to submit the Statement of Affairs. Furthermore, the fund balance of the Company with the OL stands in the negative.

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In view of the foregoing facts and circumstances, I am of the view that an order for dissolution of the Company is warranted.

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The application is, accordingly, allowed.

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It is directed that the Company, be dissolved under Section 481 of the Companies Act, 1956.

¶28

The company petition, therefore, stands disposed of. Pending report is taken on record and also stands disposed of.

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CO.PET. 561/2012 and CRL.O.(CO.) 22/2013 Page 2 of 3

¶30

This is a digitally signed order.

¶31

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 11/11/2025 at 14:49:54

¶32

CRL.O.(CO.) 22/2013

¶33

In view of the order passed in CO.PET. 561/2012, the objections in this matter are not pressed and the same is, accordingly, disposed of.

¶34

Any pending applications also stand disposed of.

¶35

PRATEEK JALAN, J

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NOVEMBER 7, 2025 UK/SD/

¶37

CO.PET. 561/2012 and CRL.O.(CO.) 22/2013 Page 3 of 3

¶38

This is a digitally signed order.

¶39

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 11/11/2025 at 14:49:54

M/S Kalyani Petro -Chem(P) Ltd. v. Sanjay Gulati & Others

Case brief

What is this about?

What did the court decide?

M/S Kalyani Petro -Chem(P) Ltd. v. Sanjay Gulati & Others

Case brief

What is this about?

What did the court decide?

Why is it important?

What the court decided

Issues for consideration

Statutes considered

Procedural history

Parties & counsel

Coram

Case details

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