The Karnataka High Court dismissed the company in winding up as dissolved under Section 481(1) of the Companies Act, 1956, directing transfer of the remaining Rs. 2,976 to the Official Liquidator's fund.
Company dissolved w.e.f. 02.01.2023; remaining amount of Rs. 2,976 credited to Estate & Establishment Fund Account.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
CA No. 3/2023
IN COP NO.23/1992
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 25TH DAY OF JANUARY, 2023
BEFORE
THE HON'BLE MR JUSTICE KRISHNA S DIXIT
CA NO.3/2023
IN
COP NO.23/1992
BETWEEN:
THE OFFICIAL LIQUIDATOR OF M/S CIRCUITRON PRIVATE LIMITED (IN LIQUIDATION ) ATTACHED TO HIGH COURT OF KARNATAKA, CORPORATE BHAVAN, NOS. 26-27, 12TH FLOOR, RAHEJA TOWERS, M.G ROAD, BENGALURU- 560 001.
…APPLICANT
(BY SRI. SHRISHAIL NAGALGUND.,ADVOCATE FOR OL)
AND:
NIL
…RESPONDENT
Digitally signed by CHETAN B C Location: HIGH COURT OF KARNATAKA
THIS APPLICATION IS FILED UNDER SECTION 481 OF THE COMPANIES ACT, 1956 READ WITH RULE 9 OF THE COMPANIES (COURT) RULES, 1959 PRAYING TO DIRECT THAT M/S CIRCUITRON PRIVATE LIMITED (IN LIQN.,) SHALL STAND DISSOLVED UNDER SECTION 481(1) OF THE COMPANIES ACT, 1956 SUBJECT TO SECTION 559(1) OF THE COMPANIES ACT, 1956 AND TO PERMIT THE OFFICIAL LIQUIDATOR TO TRANSFER THE UNSPENT AMOUNT IF ANY AVAILABLE TO THE CREDIT OF THE COMPANY (IN LIQN.,) TO ESTATE AND ESTABLISHMENT FUND ACCOUNT MAINTAINED AT THIS OFFICE AND ETC.,
CA No. 3/2023
IN COP NO.23/1992
THIS APPLICATION IS COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:
ORDER
The Application in CA No.3/2023 seeks dissolution of
the Company in winding up. Learned Panel Counsel appearing for the Official Liquidator points out that the Company has a frugal fund of Rs.2,976/- that has remained after the monies have been appropriated to the lawful expenditure incurred. He submits that it is a fit case for dissolution of Company and therefore, an order to that effect be passed.
CA No. 3/2023
IN COP NO.23/1992
The amount of Rs.2,976/- shall be credited to the
Estate & Establishment Fund Account maintained by the
Official Liquidator in accordance with the extant norms.
Ordered accordingly and CA No.3/2023 is disposed off.
Sd/JUDGE
BSV List No.1: Sl No.:12
2 issues framed by the court
Whether the Company m/s Circuitron Private Limited should be dissolved given the remaining frugal fund after lawful expenditure.
Whether the unspent amount remaining in the company account should be credited to the Estate and Establishment Fund.
3 provisions across 2 enactments
Official Liquidator of M/s Circuitron Private Limited
Krishna S Dixit
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
