Allowed
The Official Liquidator, Liquidator of M/s.G.K.Granites Private Limited v. Nil
Madras HCCOMP.A/239/2021
Case brief
AI extract
What is this about?
The court allowed an application under Section 481 of the Companies Act for the dissolution of a company pending liquidation. Given that movable assets were of insignificant value, the Official Liquidator was permitted to sell properties for liquidation expenses. Any remaining funds must be deposited in a government account under Section 555.
What did the court decide?
Application for dissolution allowed; Official Liquidator permitted to sell properties and deposit balance in Government Account under Section 555.