Allowed

Official Liquidator of v. Nil

Karnataka HC25 Jan 2023CA/6/2023

Case brief

AI extract

What is this about?

Application filed by Official Liquidator seeking permission to return endowment money and dissolve company in winding up. Court allowed dissolution effective 2.1.2023 and directed transfer of balance funds to Estate Account under Section 481 of the Companies Act, 1956.

What did the court decide?

Company dissolved w.e.f. 02.01.2023; balance Rs.1,543/- credited to Estate & Establishment Fund Account.

Official Liquidator of Vs Nil — Insolvency and Bankruptcy | Karnataka HC (2023)

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CA NO. 6/2023

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IN COP NO.154/2012

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 25^TH DAY OF JANUARY, 2023

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BEFORE

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THE HON'BLE MR JUSTICE KRISHNA S DIXIT

CA NO.6/2023

COP NO.154/2012

BETWEEN:

OFFICIAL LIQUIDATOR OF M/S IMRS ADVISORY PRIVATE LIMITED ( IN LIQUIDATION ) ATTACHED TO HIGH COURT OF KARNATAKA, CORPORATE BHAVAN, NOS. 26-27, 12^TH FLOOR, RAHEJA TOWERS, M.G. ROAD, BENGALURU- 560 001.

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…APPLICANT

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(BY SRI. SHRISHAIL NAVALGUND.,ADVOCATE FOR OL)

AND:

NIL

…RESPONDENT

Digitally signed by CHETAN B C Location: HIGH COURT OF KARNATAKA

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THIS APPLICATION IS FILED UNDER SECTION 481 OF THE COMPANIES ACT, 1956 READ WITH RULE 9 OF THE COMPANIES (COURT) RULES, 1959 PRAYING TO PERMIT THE OFFICIAL LIQUIDATOR TO RETURN THE INITIAL DEPOSIT OF RS.25,000/MADE BY MR.SURESH OF M/S SHABARI ENTERPRISES IN TERMS OF THIS HON’BLE COURT ORDER DATED 25.10.2013 IN COMPANY PETITION NO.154/2012 AND TO PERMIT THE OFFICIAL LIQUIDATOR TO TRANSFER THE UNSPENT AMOUNT TO THE ESTATE AND ESTABLISHMENT FUND ACCOUNT MAINTAINED BY THE OFFICIAL LIQUIDATOR AND ETC.,

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CA NO. 6/2023

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IN COP NO.154/2012

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

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ORDER

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The Application in CA No.6/2023 seeks dissolution of

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the Company in winding up. Learned Panel Counsel appearing for the Official Liquidator points out that the Company has a fund of Rs.26,543/- at present; out of which Rs.25,000/- has to be paid to Mr. Suresh of M/s. Shabari Enterprises under Section 476 of the Companies Act, 1956 in terms of the order dated 25.10.2013. After that money having been appropriated, Rs.1,543/- will be the remainder lawfully incurred by the Official Liquidator. Hence, he submits that this is a fit case for dissolution of Company and therefore, an order to that effect be passed.

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A perusal of the record supports the submission made by the learned counsel appearing for the official Liquidator. Therefore, his version is accepted and the company in question is ordered to be dissolved i.e., w.e.f.

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CA NO. 6/2023

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IN COP NO.154/2012

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02.01.2023 in terms of Section 481(1) of the erstwhile Companies Act, 1956.

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The amount of Rs.1543/- shall be credited to the Estate & Establishment Fund Account maintained by the Official Liquidator in accordance with the extant norms.

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Ordered accordingly and CA No.6/2023 is disposed off.

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Sd/JUDGE

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BSV List No.1: Sl No.24

Official Liquidator of v. Nil

Case brief

What is this about?

What did the court decide?

Official Liquidator of v. Nil

Case brief

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What did the court decide?

What the court decided

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