Allowed

The Official Liquidator, v. -

Telangana HC11 Feb 2013COMPA/1280/2012

Case brief

AI extract

What is this about?

The court considered an application by the Official Liquidator to approve and take on record the half-yearly audited accounts of a company in liquidation. The court approved the accounts, permitted the payment of the auditor's fee, and ordered costs to be met from the company's funds.

What did the court decide?

Approval of half-yearly audited accounts; direction to pay balance audit fee; costs to be met from company funds.

The Official Liquidator, Vs - — Insolvency and Bankruptcy | Telangana HC (2013)

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THE HON’BLE SRI JUSTICE SANJAY KUMAR

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COMPANY APPLICATION NO.1280 OF 2012 IN COMPANY PETITION NO.160 OF 1998

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DATED 1 1 TH FEBRUARY, 2013

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The Official Liquidator, High Court of Andhra Pradesh, Hyderabad.

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…Applicant

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THE HON’BLE SRI JUSTICE SANJAY KUMAR

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COMPANY APPLICATION NO.1280 OF 2012 IN COMPANY PETITION NO.160 OF 1998

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ORDER:

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This Company Application is filed by the Official Liquidator attached to this Court under Section 462 of the Companies Act, 1956 read with Rule 306 of the Companies (Court) Rules, 1959, to consider, approve and take on record the half-yearly accounts of the company in liquidation for the period 01.10.2011 to 31.03.2012 along with the audit report. The Official Liquidator also prays for a direction to pay the balance audit fee to the auditor and for costs.

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By order dated 02.07.2012 passed in C.A.No.785 of 2012 in R.C.C.No.2 of 1995, this Court approved the allocation of the halfyearly accounts of the companies in liquidation for the period 01.10.2011 to 31.03.2012 to M/s.Murthy & Kanth, M/s.Padmanabha Rao & Co., M/s.PSN Ravi Shankar & Associates, M/s.K.B.S. Associates and M/s.Sarathy & Balu, Chartered Accountants, for verification and audit.

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An audit certificate was received from the allocated firm of Chartered Accountants certifying that the half-yearly financial accounts

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of the company in liquidation for the period 01.10.2011 to 31.03.2012 were in order.

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The Official Liquidator has placed on record the auditor’s report certifying that proper books of accounts as required by law had been maintained and the receipts and payments accounts maintained by the Official Liquidator gives a true and fair view as to the realization and disbursements of the company in liquidation during the period. The affidavit verifying the account is also filed by the Official Liquidator along with a statement of account in Form No.144, detailing the total realizations upto 31.03.2012 as Rs.12,124/and the total disbursements upto 31.03.2012 at Rs.4,226.50 ps.

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In the light of the aforestated documents, the half-yearly audited accounts placed before this Court by the Official liquidator for the period 01.10.2011 to 31.03.2012 in respect of the company in liquidation is approved and taken on record. The Official Liquidator is permitted to pay the balance fee due to the auditor. The costs of this application shall be met from the funds of the company in liquidation. The Official Liquidator shall ensure compliance with Section 462 (4) of the Companies Act, 1956.

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The Company Application is ordered accordingly.

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____________________ SANJAY KUMAR, J. 11^TH FEBRUARY, 2013. VGSR

The Official Liquidator, v. -

Case brief

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What did the court decide?

The Official Liquidator, v. -

Case brief

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What did the court decide?

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