Allowed

The Official Liquidator v. Nil

Madras HC21 Aug 2020COMP.A/164/2020

Case brief

AI extract

What is this about?

Company Application for directions to Official Liquidator in winding up of S.I. Property Development Limited. Application sought permission to publish notice in newspapers for creditors to prove claims, dispense with individual notices, and incur related expenses from company funds. Court allowed the prayers as innocuous.

What did the court decide?

Permission granted to publish notice in designated newspapers for creditors to prove claims within 30 days, dispense with individual notices under Rule 148(2), and incur necessary expenses from compan

The Official Liquidator Vs Nil — Insolvency and Bankruptcy | Madras HC (2020)

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Company Application No.164 of 2020 in Company Petition No.90 of 2003

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Company Application No.164 of 2020 in Company Petition No.90 of 2003

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M.SUNDAR.J.,

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Captioned application has been taken out by 'Official Liquidator

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attached to this Court' ('OL' for the sake of brevity) and Mr.Bavisetty Sridhar, learned 'Deputy Official Liquidator' ('Deputy OL' for the sake of

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brevity) is before me on behalf of OL in this web-hearing on a video-

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conferencing platform.

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'S.I. Property Development Limited' (hereinafter 'said company' for the sake of brevity) is the company under liquidation in the main

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Company Petition which is for winding up at the instance of a petitioning creditor, namely Johnson Lifts Private Limited. From the report of the OL dated 12.06.2020 filed in support of captioned application, it comes to light that this Court vide order dated 22.04.2003 made in main

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Company Petition appointed OL as provisional Liquidator qua said Company and pursuant to directions of this Court OL took possession of the assets and effects of said company on 05.06.2003. Thereafter, the

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necessary procedure and proceedings commenced which resulted in a position articulated in Paragraphs 6 and 7 of the aforementioned report of

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http://www.judis.nic.in

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Company Application No.164 of 2020 in Company Petition No.90 of 2003

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OL, which reads as follows:

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'6.That the funds position of the company in

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liquidation as on date is as under:

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Bank	Rs.	127146.09
Investment	Rs.	6850000.00
Total	Rs.	69,77,146.09

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7.That in view of the availability of funds as mentioned above, the Official Liquidator is filing this application seeking directions to call for the claims from the creditors of the company in liquidation.'

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3.In the light of the aforementioned position qua said Company

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captioned application has been taken out with the following prayers:

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'a) To take this report on record of this Hon'ble Court b) To permit the Official Liquidator to call for claims from all the creditors of the company in liquidation by giving 30 days time from the date of publication of the notice in the newspaper to prove their debts/claims before the Official Liquidator.

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c) To permit the Official Liquidator to publish the advertisement for calling claims in one issue of English daily “The New Indian Express” (in English) (Tamilnadu Edition) and Tamil Newspaper “The Daily Thanthi” in (Tamilnadu Edition) as stated in Para – 7 of this report.

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d) To permit the Official Liquidator to dispense with

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http://www.judis.nic.in

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Company Application No.164 of 2020 in Company Petition No.90 of 2003

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Requirement of Rule 148(2) of the Companies (Court) Rules, 1959, from the issue of individual notices to the creditors.

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e) To permit the Official Liquidator to incur such expenditure, as may be necessary, such as printing and stationary charges, postage and advertisement charges etc., for the purpose of inviting claims from the creditors out of the funds of the company in liquidation.

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f) To direct that the cost of this application do come

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out of the funds of the company in liquidation.'

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This Court having perused aforementioned report of OL, having

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heard Deputy OL, being satisfied that prayer in captioned application, being innocuous, deserves to be acceded to, this application is ordered as

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prayed for. There shall be no order as to costs.

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21.08.2020

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gpa/sgl

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http://www.judis.nic.in

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Company Application No.164 of 2020 in Company Petition No.90 of 2003

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M.SUNDAR.J.,

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gpa/sgl

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Company Application No.164 of 2020
in
Company Petition No.90 of 2003
21.08.2020

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http://www.judis.nic.in

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The Official Liquidator v. Nil

Case brief

What is this about?

What did the court decide?

The Official Liquidator v. Nil

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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