Disposed

M/s.Jai Organics Limited (In Liqn.) v. -

Telangana HC16 Mar 2016COMPA/316/2016

Case brief

AI extract

What is this about?

The Company Application seeks dissolution of M/s. Jai Organics Limited. The court, finding no assets administered and only a nominal balance remains, disposes of the winding up by ordering the company's dissolution and authorizing the transfer of the balance to the Estate Account while closing the referenced Company Case.

What did the court decide?

Orders dissolution of M/s. Jai Organics Limited; authorizes transfer of balance to Estate and Establishment Fund Account; closes R.C.C. No.15 of 1994.

M/s.Jai Organics Limited (In Liqn.) Vs - — Insolvency and Bankruptcy | Telangana HC (2016)

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HONOURABLE SRI JUSTICE S.V. BHATT

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COMPANY APPLICATION No. 316 of 2016

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IN REFERRED COMPANY CASE No.15 OF 1994

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O R D E R :

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This application is filed under Section 481 of the Companies Act, 1956 read with Rules 9, 281 and 282 of the Companies (Court) Rules, 1959.

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The Official Liquidator prays for the following relief:

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“(i) form an opinion that the liquidator cannot proceed with the winding up and that it is just and reasonable in the circumstances of the case to order for the dissolution of the company.

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(ii) dispense with the filing of the Half Yearly Accounts for the period from 01.10.2014 to till date.

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(iii) dispense with the filing of the Final accounts of the company since no realizations have been made in the company in liquidation. (iv) order that M/s.Jai Organics Limited, be dissolved with effect from the date of the order.

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(v) permit the Official Liquidator to transfer the balance amount lying to the credit of Estate of Establishment Fund Account being maintained by Office of the Official Liquidator, after deducting the auditors fees, liquidation expenses, and pass such order or orders as this Hon’ble Court may deem fit and proper in the circumstances of the case and thus render justice.”

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The circumstances relevant for disposal of this application are as follows:

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This Court by order dated 07.12.1994 in R.C.C. No. 15 of 1994, ordered winding up of M/s. Jai Organics Limited (company in liquidation).

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The Official Liquidator has filed Annexures A to G along with this application.

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Heard Sri M.Anil Kumar, learned counsel for the Official

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Liquidator and perused the statement of affairs of the company in liquidation and other material as evidenced by Annexures A to G and also the affidavit of the Official Liquidator dated 11.03.2016.

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I am satisfied that from the date of passing of winding up order till date, Official Liquidator received Rs.2,000/- by deposit to meet the incidental expenses for winding up of the company in liquidation. The Official Liquidator in the winding up process could not and did not get into administration of asset or cash of company in liquidation. As on date, the balance available to the credit of the company in liquidation is Rs.10,128-94ps. I am satisfied that the winding up process need not be continued and orders for dissolution of M/s. Jai Organics Limited are passed. The company in liquidation is dissolved.

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The Company Application is accordingly ordered. The Official Liquidator is authorized to transfer the balance to Estate and Establishment Fund Account. Consequently, R.C.C. No.15 of 1994 is closed.

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______________ S.V. BHATT, J Date: 16.03.2016 Stp

M/s.Jai Organics Limited (In Liqn.) v. -

Case brief

What is this about?

What did the court decide?

M/s.Jai Organics Limited (In Liqn.) v. -

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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