Allowed

M/s.Parimala Chit Fund (P) Ltd., (In Liqn.) v. -

Telangana HC19 Apr 2016COMPA/550/2016

Case brief

AI extract

What is this about?

The High Court granted the Official Liquidator's application to dissolve M/s. Parimala Chit Fund Private Limited. Given the negligible balance of Rs. 28,886/-, the court dispensed with filing half-yearly and final accounts, authorized transfer of balance to the fund, and granted permission to destroy company books after five years.

What did the court decide?

Company dissolved; balance transferred to fund; filing of accounts dispensed; destruction of books after five years permitted.

M/s.Parimala Chit Fund (P) Ltd., (In Liqn.) Vs - — Company and Corporate | Telangana HC (2016)

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HONOURABLE SRI JUSTICE S.V. BHATT

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COMPANY APPLICATION No.550 OF 2016

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IN COMPANY PETITION No.62 OF 1995

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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) to 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 01-04-2015 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.

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iv) order that M/s.Parimala Ocean Products & Shipping Ltd, be ordered to be dissolved with effect from the date of the order.

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v) permit the Official Liquidator to transfer the balance amount if any lying in the credit of the company to the Estate and Establishment Fund Account being maintained by the office of the Official Liquidator after meeting the liquidation expenses.

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v) permit the Official Liquidator dispose of /destroy the books of accounts and records of the company any day after expiry of 5 (five) years from the date of order of the dissolution of the company.

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vi) permit the Official Liquidator to incur the cost of this application be met from the funds of the Company (In Liqn.).

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

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This Court by order dated 01.08.1996 in Company Petition No. 62 of 1995, ordered winding up of M/s. Parimala Chit Fund Private

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Limited (company in liquidation).

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The Official Liquidator has filed Annexures A and B along with this application.

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Heard Sri M.Anil Kumar, learned counsel for the Official Liquidator and perused the statement of affairs of the company in liquidation and other material as evidenced by Annexures A and B also the affidavit of the Official Liquidator dated 13.04.2016.

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I am satisfied that from the date of passing of winding up order till date, Official Liquidator received Rs.1,000/- 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.28,886/-. I am satisfied that the winding up process need not be continued and orders for dissolution of M/s.Parimala Chit Fund Private 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, Company Petition No.62 of 1995 is closed as no further order is necessary.

¶21

S.V. BHATT, J Date:19.04.2016 Stp

M/s.Parimala Chit Fund (P) Ltd., (In Liqn.) v. -

Case brief

What is this about?

What did the court decide?

M/s.Parimala Chit Fund (P) Ltd., (In Liqn.) v. -

Case brief

What is this about?

What did the court decide?

What the court decided

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