Allowed

Apex Techno Systems Private Limited (In Liqn) v. M/s. Pioneer Slabs Limited(previously M/s. Pioner Online Ltd.

Telangana HC22 Sept 2014COMPA/1121/2014

Case brief

AI extract

What is this about?

The court allowed an application to dissolve M/s. Apex Techno Systems Private Limited, which was in liquidation with no assets. The petitioner, who was the creditor, agreed to the dissolution, and any remaining deposited funds were to be refunded after liquidation expenses. The winding-up company petition was consequently disposed of.

What did the court decide?

Dissolution of the company in liquidation ordered; Company Application No. 1121 of 2014 allowed with direction to refund balance or transfer to Liquidation Account.

Apex Techno Systems Private Limited (In Liqn) Vs… — Insolvency and Bankruptcy | Telangana HC (2014)

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THE HON’BLE SRI JUSTICE C.V. NAGARJUNA REDDY

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COMPANY APPLICATION No.1121 of 2014 in/and COMPANY PETITION No.4 of 2009

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Dated: 22.09.2014

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COMPANY PETITION No.4 of 2009

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Between: M/s. Pioneer eLabs Limited Rep. by its Legal Officer/Authorized Signatory Mr. M. Ramalinga Reddy

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.. Petitioner

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and M/s. Apex Techno Systems Private Limited, Hyderabad.

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.. Respondent

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Counsel for the Petitioner: Mr. P. Vikram

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Counsel for the respondent: Mr. M. Anil Kumar

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The Court made the following:

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ORDER:

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The company petition is filed by M/s. Pioneer eLabs Limited for an order to wind up M/s. Apex Techno Systems Private Limited (in liquidation) for non-payment of the debt due to it.

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This Court, by order dated 22.06.2009, ordered winding up of M/s. Apex Techno Systems Private Limited and appointed liquidator. Several events have occurred in relation to filing of the statement of affairs, reference to which is not necessary.

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In Company Applications Nos.1561 of 2010 and 158 of 2012, this Court, by order dated 05.08.2014, inter alia observed as under:

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“During the hearing of Company Application No.1561 of 2010, it came to light that the Company in liquidation does not possess any bank balance or assets and that it has no secured creditors. During the recent hearing, accused Nos.1 and 2 have volunteered to file the statement of affairs of the Company in liquidation and they have, accordingly, done so.

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A copy of Form No.57 filed by accused Nos.1and 2 is placed before the Court along with memo, dated 04-08-2014, of their Counsel. A perusal of the said form shows that the Company in liquidation does not have any fixed assets and that it owes only a sum of Rs.1,90,000/- to the sole unsecured creditor, who happens to be accused No.1. The statement of affairs also shows that accused No.1 holds 47,500 shares, accused No.2 holds 2500 shares and accused No.3 holds 1,50,000 shares ofRs.10/each for a total value of Rs.20 lakhs.

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The learned Counsel for accused Nos.1 and2 stated that in the above facts and circumstances of the case, both the Company Applications may be closed.

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Mr.M.Anil Kumar, learned Counsel for the Official Liquidator, also submitted that in view of the filing of statement of affairs by accused Nos.1 and 2, no purpose will be served by keeping Company Application No.156 of 2010 pending and that the same may be closed. He further submitted that as the Company in liquidation does not have

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any fixed assets and secured creditors and that the lone unsecured creditor being accused No.1, no purpose will be served in keeping the Company Application No.158 of 2012 also pending, He has, accordingly, requested for closing both the applications.

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In the above facts and circumstances of the case, the statement of affairs filed by accused Nos.1 and 2 along with Memo, dated 04-08-2014, of their Counsel, is placed on record and both the Company Applications are closed. The Official Liquidator is directed to file appropriate application for passing an order for dissolution of the Company in liquidation within one week.”

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In pursuance of the above-mentioned order, the Official Liquidator filed Company Application No.1121 of 2014 on behalf of the company in liquidation, for the following reliefs:

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i) order notice to the respondent being the petitioner for winding up; ii) dispense with the filing of the Half Yearly Accounts for the period from 01-10-2013 till date;

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iii) dispense with the filing of the final accounts of the company;

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iv) dispense with the invitation of the claims of the creditors of the company;

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v) permit the Official Liquidator to return the balance amount lying to the creditor of the company to the petitioner for winding up, and in the event of the petitioner being not traceable, the Official Liquidator may be permitted to transfer the said amount to the credit of the company to the Companies Liquidation Account;

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vi) that M/s. Apex Techno Systems Pvt. Ltd. be ordered to be dissolved with effect from the date of the order;

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vii) permit the Official Liquidator to dispose/destroy the books and records of the company after the expiry of five years from the date of order of dissolution; and

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viii) order that the cost of this application do come out of the assets of the company.”

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It is stated in the affidavit filed in support of Company Application No.1121 of 2014 by the Official Liquidator that as per the statement of affairs, there are no dues payable to the preferential creditors, employees, income tax or other statutory authorities, that there are no trade debtors realizable as on the date of winding up. It is further stated that the company has an amount of Rs.45,577/- only to its credit, which is the amount deposited by the petitioner in the company petition towards initial expenses, and that the audited half yearly accounts of the company were filed before this Court up to the end of 30.09.2013 and that since there are no realizations, filing of half yearly accounts for the subsequent period may be dispensed with.

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Mr. Vikram Pooserla, learned counsel for the petitioner in the company petition, stated that his client has no objection for dissolution of the company in liquidation.

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In view of the above, the company in liquidation is ordered to be dissolved. Company Application No.1121 of 2014 is allowed as prayed for with the direction that in the event any amount from out of the sum of Rs.50,000/- deposited by the petitioner in the company petition remains after meeting the expenses of the Official Liquidator, the same may be refunded to the petitioner in the company petition. The company petition accordingly stands disposed of.

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________________________ C.V.NAGARJUNA REDDY, J 22^nd September, 2014 IBL

Apex Techno Systems Private Limited (In Liqn) v. M/s. Pioneer Slabs Limited(previously M/s. Pioner Online Ltd.

Case brief

What is this about?

What did the court decide?

Apex Techno Systems Private Limited (In Liqn) v. M/s. Pioneer Slabs Limited(previously M/s. Pioner Online Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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