Allowed

M/s. Merbanc Financial Services Limited (In Liqn.) v. -

Telangana HC28 Jun 2016COMPA/1765/2015

Case brief

AI extract

What is this about?

The court ordered the application to permit the Official Liquidator to invite claims from creditors under Section 528 of the Companies Act, 1956. Permission was granted to advertise in newspapers and issue individual notices, with costs borne by the company's assets.

What did the court decide?

Permission was granted to invite creditor claims via newspaper advertisements and individual notices, and to incur associated costs from company assets.

M/s. Merbanc Financial Services Limited (In… — Insolvency and Bankruptcy | Telangana HC (2016)

¶1

HON’BLE SRI JUSTICE S.V. BHATT

¶2

COMPANY APPLICATION No.1765 OF 2015

¶3

¶4

COMPANY PETITION No.113 OF 2002

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ORDER:

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The Official Liquidator prays for the following reliefs:

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i)permit the Official Liquidator to invite the claims against the company (In Liqn.) from the creditors of the company (In Liqn.) under section 528 of the Companies Act, 1956 read with Rules 139, 147, 148, 159, 160, 163, 173 & 174 of the Companies (Court) Rules, 1959. ii) permit the Official Liquidator to advertise the notice to invite the claims in the daily newspapers of "Andhra Jyothi" & "Indian Express" or any other newspapers as this Hon'ble Court may deem fit and proper having circulation in Hyderabad and Vijayawada Editions. iii) permit the Official Liquidator to issue individual notices to the creditors as mentioned in the Statement of Affairs of the Company (In Liqn.) under Rule 148 (2) of the Companies (Court) Rules, 1959. iv) permit the Official Liquidator to incur necessary advertisement and other incidental charges from and out of the available funds of the company (In Liqn.). v) permit the Official Liquidator to exercise all the powers required for adjudication of claims. vi) Order that the costs of this application do come out of the assets of the Company (In liqn).

¶8

It is stated that a sum of Rs.79,56,176-49ps. is available to the credit of company in liquidation. The Official Liquidator seeks permission of the Court to invite claims from the creditors of the company in liquidation in terms of Section 528 of the Companies Act, 1956 read with Rules 139,147,148, 159,160,163,173 & 174 of the Companies (Court) Rules,1959.

¶9

I have perused the affidavit filed in support of the application. The application is ordered and the Official Liquidator is permitted to advertise the notice to invite the claims in ‘Andhra Jyothi’, Telugu daily and ‘Indian Express’, English daily, Hyderabad and Vijayawada District editions. The Official Liquidator is permitted to take out individual notices by RPAD.

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S.V.BHATT, J

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Date:28.06.2016 Stp

M/s. Merbanc Financial Services Limited (In Liqn.) v. -

Case brief

What is this about?

What did the court decide?

M/s. Merbanc Financial Services Limited (In Liqn.) v. -

Case brief

What is this about?

What did the court decide?

What the court decided

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