The Official Liquidator applied to refrain from paying dividends until individual notices could be served on creditors. The Court allowed the request and disposed of the application permitting the delay in dividend distribution.
The Official Liquidator is permitted to refrain from payment of dividend till individual notices on creditors are served.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM (Original Jurisdiction)
In the matter of the Companies Act, 1956 and
In the matter of M/s.Kshemanidhi Kuries and Loans Private Ltd. (In Liquidation)
Co.Appl. No.18/2022 in C.P. No.9/2009
Before:
The Honourable Mr.Justice N.NAGARESH
Friday, the 16th day of December 2022/25th Agrahayana, 1944
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Applicant
The Official Liquidator, High Court of kerala, representing M/s.Kshemanidhi Kuries & Loans Private Limited (In Liquidation)
Respondent
Nil
Company Application under Section 457(1)(e) and section 555(1)(a) of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959 filed by the applicant above named praying for an order to:-
i) Permit the Official Liquidator to refrain from payment of dividend as per order dated 15.12.2021 passed in M.C.A.9/2021 in C.P.No.9/09
and
ii) to pass such other order or orders as may be deemed fit and proper in the premises.
This Company Application coming on for orders on this day upon hearing Sri.K.Moni, Standing Counsel for the Official Liquidator, the Court passed the following:-
2
C.A. No.18 of 2022 in C.P.No.9 of 2009
N.NAGARESH, J
C.A. No.18 of 2022 in C.P.No.9 of 2009
Dated this the 16th day of December, 2022
ORDER
The Official Liquidator submits that individual notices to the creditors, whose names are shown in the Statement of Account, could not be sent and therefore the Official Liquidator will have to be permitted to refrain from payment of dividend as per order dated 15.12.2021 passed in M.C.A. No.19 of 2021 in C.P.No.9 of 2009.
serves individual notices on such creditors and it is ordered
C.A. No.18 of 2022 in C.P.No.9 of 2009
3
accordingly.
Company Application No.18 of 2022 is disposed of as
above.
sd/-
N.NAGARESH, JUDGE
hmh
1 issue framed by the court
Whether the Official Liquidator should be permitted to refrain from payment of dividend pending service of individual notices to creditors.
3 provisions across 2 enactments
The Official Liquidator, High Court of Kerala
M/s.Kshemanidhi Kuries and Loans Private Ltd. (In Liquidation)
N.NAGARESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
