Disposed

M/S. Blue Crystal Agro Chemicals Ltd. (in Liqn) v. Nil

Karnataka HC16 Mar 2021CA/204/2020

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What is this about?

The High Court disposed of the application on the resolution of dispensing with notice to creditors and contributories, permitting payment of the auditor's fee per court guidelines, and accepting the filed audit report under Section 462.

What did the court decide?

Notice to creditors and contributories dispensed with; payment of auditor's fee permitted; audit report accepted.

M/S. Blue Crystal Agro Chemicals Ltd. (in Liqn) Vs Nil — Company and Corporate | Karnataka HC (2021)

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 16^TH DAY OF MARCH 2021

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BEFORE

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THE HON'BLE MR.JUSTICE S. SUNIL DUTT YADAV

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COMPANY APPLICATION NO.204/2020 IN COMPANY PETITION NO. 97/2000

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BETWEEN:

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M/S. BLUE CRYSTAL AGRO CHEMICALS LTD., (IN LIQN.), REPRESENTED BY OFFICIAL LIQUIDATOR, HIGH COURT OF KARNATAKA, CORPORATE BHAVAN, 12^TH FLOOR, RAHEJA TOWERS, NO.26-27, M.G. ROAD, BENGALURU - 560 001.

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… APPLICANT

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(BY SRI JAGADEESHGOUD PATIL, ADVOCATE)

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AND:

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NIL … RESPONDENT

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THIS COMPANY APPLICATION IS FILED UNDER SECTION 462 OF THE COMPANIES ACT, 1956 READ WITH RULES 11(B) AND 298 OF THE COMPANIES (COURT) RULES, 1956, PRAYING TO APPOINT AN AUDITOR TO AUDIT THE ACCOUNTS OF THE OFFICIAL LIQUIDATOR FOR THE HALF YEAR ENDING 31.03.2020 AND FIX HIS REMUNERATION, AND ETC.

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THIS COMPANY APPLICATION COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:

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ORDER

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The Official Liquidator has filed an application placing on record half yearly audit report as contemplated under Section 462 of the Companies Act, 1956. The same is taken note of.

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Insofar as the request for dispensation of notice to the creditors and contributories, it is submitted that in terms of Rule 305 of the Companies (Court) Rules, 1959, creditors and contributories are entitled to inspect the accounts and the auditor’s certificate and that there are practical difficulties in sending copies of the audited accounts to each of the contributories. In light of the same, notice as contemplated under Section 462(5) of the Companies Act, 1956 to the contributories and creditors is dispensed with, taking note of the undertaking that the audit report would be uploaded in the website.

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Insofar as the payment of auditor’s fee is concerned, Official Liquidator is permitted to make payment

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in terms of the guidelines settled by this Court relating to payment of auditor’s fee for their services rendered.

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Accordingly, C.A.No.204/2020 is disposed off.

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Sd/JUDGE

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VP

M/S. Blue Crystal Agro Chemicals Ltd. (in Liqn) v. Nil

Case brief

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M/S. Blue Crystal Agro Chemicals Ltd. (in Liqn) v. Nil

Case brief

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