Disposed

M/s. Alankruti Laboratories Ltd. (In Liqn), v. -

Telangana HC15 Jun 2016COMPA/775/2016

Case brief

AI extract

What is this about?

The applicant sought dissolution of the company in liquidation due to lack of assets and inability to cover expenses. The court found minimal balance available and ordered the company's dissolution and closure of winding up proceedings.

What did the court decide?

Dissolution of M/s. Alankruti Laboratories Limited; transfer of balance to Estate and Establishment Fund Account; closure of R.C.C. No. 3 of 2002.

M/s. Alankruti Laboratories 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.775 of 2016 IN REFERRED COMPANY CASE No.3 OF 2002

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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; ii) dispense with the filing of the Half Yearly Accounts for the period from 01-042015 to till date. iii) dispense with the filing of the Final accounts of the company in view of the filing of the audited Half Yearly Accounts in the company in liquidation. iv) order that M/s. Alankruti Laboratories Ltd., be dissolved with effect from the date of the order. v) permit the Official Liquidator to transfer the balance amount lying to the credit of the company to the Companies Liquidation Account, after deducting the liquidation expenses etc; vi) 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; vii) order that the cost of this application do come out of the assets of the company.

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

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This Court by order dated 07.04.2005 in R.C.C. No.3 of 2002, ordered winding up of M/s.Alankruti Laboratories 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 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 14.06.2016.

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I am satisfied that from the date of passing of winding up order till date, Official Liquidator received Rs.10,000/- 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.3,636.50ps. I am satisfied that the winding up process need not be continued and orders for dissolution of M/s.Alankruti Laboratories 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. 3 of 2002 is closed as no further order is necessary.

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S.V. BHATT, J

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Date:15.06.2016 Stp

M/s. Alankruti Laboratories Ltd. (In Liqn), v. -

Case brief

What is this about?

What did the court decide?

M/s. Alankruti Laboratories Ltd. (In Liqn), v. -

Case brief

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What did the court decide?

What the court decided

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