M/s.Shri Venkateswara Sponge and Power (P) Ltd., Vs M/s. Vandana Industrial Corporation Limited

HON’BLE SRI JUSTICE A. RAJASHEKER REDDY COMPANY APPLICATION NO.1180 of 2014 IN

COMPANY PETITION No.165 OF 2011

ORDER:

At the instance of the respondent herein, the petitioner, company in liquidation, was earlier wound up by orders in C.P.No.165 of 2011 dated 17.06.2014 and Official Liquidator was appointed as Liquidator of the Company. However, as no directions were given in the said order to the petitioner therein to deposit tentatively, token amount towards initial expenses, the Official Liquidator came up with the present application seeking that the respondent, who is the petitioner in C.P.No.165 of 2011, be directed to deposit Rs.25,000/- towards initial expenses with the Official Liquidator.

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Notices were also issued to the respondents.

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Learned senior counsel Sri M.S.Prasad appears on behalf of the respondents and states that an amount of Rs.25,000/- is higher side and that the Official Liquidator has sufficient funds for taking possession of the assets of the company.

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Heard learned counsel for the Official Liquidator.

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In view of the above facts and circumstances, this Company Application is ordered. The respondent is directed to deposit Rs.20,000/with the Official Liquidator, which shall be subject to the further proceedings including winding up order after ascertainment and recovery from the assets.

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_____________________________ A. RAJASHEKER REDDY, J

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Date: 27-10-2014 dv

M/s.Shri Venkateswara Sponge and Power (P) Ltd., v. M/s. Vandana Industrial Corporation Limited

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M/s.Shri Venkateswara Sponge and Power (P) Ltd., v. M/s. Vandana Industrial Corporation Limited

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