Allowed

M/s. Lakshman Paper Mills (P) Limited (In Liqn) v. No Respondent

Telangana HC15 Oct 2024COMPA/43/2022

Case brief

AI extract

What is this about?

The Court permitted the Official Liquidator of M/s. Lakshman paper Mills to dispense with individual notices to creditors under Section 528 of the Companies Act, 1956. The Liquidator was directed to invite claims through specified newspapers and incur advertisement charges from the company's available funds.

What did the court decide?

Permission granted to dispense with individual notices to creditors; directive to invite claims via newspaper publication in Main Edition of "Namasara the Telangana" and "The Times of India"; advertis

M/s. Lakshman Paper Mills (P) Limited (In Liqn) Vs… — Company and Corporate | Telangana HC (2024)

¶1

[^340s ]

¶2

IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD

¶3

TUESDAY, THE FIFTEENTH DAY OF OCTOBER TWO THOUSAND AND TWENTY FOUR

¶4

PRESENT

¶5

THE HONOURABLE JUSTICE MOUSHUMI BHATTACHARYA

¶6

COMPANY APPLICATION No. 43 of 2022 IN

¶7

COMPANY PETITI ON NO:187 ol 2012

¶8

In the Matter of the Companies Act, 1956 AND

¶9

ln the Matter of M/s. Lakshman paper Mills (p) Limited (ln Liqn),

¶10

Between:

¶11

The official Liquidator, High court of Judicature at Hyderabad For the state of lelangana and the state of Andhra pradesh.

¶12

...APPLICANT

¶13

Company Application Under Section 528 of the Companies Act, 1956 read with Rule 139, 141, 148, 159, 160, 163, 173 & 114 o;t the Companies (Court) Rules, 1959) praying that this Hon,ble Court may be pleased to:

¶14

i) permit the Official Liquidator to invite the claims against the company (ln liqn.) from the creditors of the company (ln Liqn.) under section 529 of the Companies Act, 1956 read with Rules 139, 147, 148 159. 160,^.163, 173 and 114 of the Companies (Court) Rutes, 1959

¶15

ii) permit the officiar riquidator to advertise the notice to invite the claims in the daily newspapers of^,,Andhra Jyothi,' and^,,lndian Express" or any other newspapers as this Honourable Court may deem fit and proper having circulation in Hyderabad and Easi Godavari District Editions

¶16

iii) permit the officiar Liquidator to incur necessary advertisement charges from and out of the available finds of the company (ln Liqn.).

¶17

iv) permit the Official Liquidator to dispense with the issuance of notices to the creditors as per Rule 14g (2) ot the Companies (Court) Rules. 1959.

¶18

v) permit the Official Liquidator to exercise all the powers required for adjudication of claims.

¶19

vi) order that the costs of this application do come out of the assets of the Company (tn Liqn.)

¶20

This application coming on for orders , upon reading lhe Judge's summons and the affidavit dated 20-04-2022 and filed by Sri Varalra Santoshi Jagirdar, Official Liquidator attached to Telangana High Court in support of the Company Application and upon hearing the arguments of Sri J. Srinalh Reddy, Counsel for the Official Liquidator for the Applicant.

¶21

The Court made the following: ORDER

¶22

THE HON'BLE JUSTICE MOUSHUMI BIIATTACHARYA

¶23

COMPANY APPLICATION No.43 of 2022 IN COMPANY PETITION NO. 187 OF 20L2

¶24

Mr.J.Srinadh Reddy, learned counsel for Oflicral Liquidator {applicant)

¶25

ORDER:

¶26

This application is filed under Section 528 of the Companies Act, 1956 (for short 'the ActJ read with Rules 139, t4T, t48, lS9, 160, 173 & 174 of the Companies (Court) Rules, 1959.

¶27

The reiiefs sought for in the present application are as follows

¶28

"i. permit the Oflicial 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, 747, 748, 159, 160, 163, 173 & 174 of the Companies (Court) Rules, 1959;

¶29

ii. Permit the OIEcial Liquidator to advertise the notice to invite the clarms in the daily newspapers of "Andhra Jyothi" & "Indial Express" or any other newspapers as this Hontrle Court may deem ht and proper having circulation in Hyderabad and East Godavari District Editions;

¶30

iii. permit the Oflicial Liquidator to incur necessa-ry advertisement charges from and out of the available funds of the company (In Liqn.);

¶31

\ \

¶32

iv. permit the OIficial Liquidator to dispense with the issuance of notice to the creditors as per Rule 148(2) of the Companies (Court) Rules, 1959;

¶33

v. permit the Offrcial Liquidator to exercise ali the powers required for adjudication of claims; and

¶34

ui. order that the costs of this application do come out of the assets of the Company (In Liqn.)"

¶35

.: '' : ] . r,l .. I i.i,l: .-:.r,' i eL4*{

¶36

MA,! CoMPA No.43/2o22

¶37

¶38

1 :

¶39

Heard Slri J. Srinadh Reddy, learned Couns:l appearing for the Official Liquidator, ald perused the affidavit filed by the Ofltcial Liquidator in 'support of the said application.

¶40

By the said application, the Official Liqui<l rtor has stated that an amount of Rs.3,66,99O/- is lying to the credit of the company (in Liqn.) and that the Ex-Directors of ttr,r company have not fi1ed any s;tatement of affairs of the company ir-r liquidation and therefore seek.s permission of the Court to invite clt.ims against the company in liquidation, dispensing with the issuar ce of individual notices to the creditors.

¶41

Having regard to the reasons stated in thr accompanying affidavit, this application is ordered and the Offic'a1 Liquidator is permitted to dispense with the issualce of individu r1 notices to the creditors of t he Company in liquidation and is ;ue publication inviting clainrs in the Main Edition of "Namas;r he Telangana", Telugu darly newspaper, ald "The Times of Ind ia", daily news paper. The expenses for inviting claims is to be cL arged from and out of avarlatrle funds of the Company. The Offi<:ial Liquidator is

¶42

also permittecl to adjudicate the claims judiciously. No costs.

¶43

Sd/. M, VIJAYA^BHASKER JOINT REGISTRAR a- //TRUE COPY// SECTION OFFICER

¶44

To,

¶45

1 The Official Liquidator,^{M/s.Lakshman Paper lvlills(P) L.i nited (ln Liqn),Office} at 1st floor, '3orporate^{Bhawan,Bandlaguda,Nagole,H'7 lerabad-500068}

¶46

2 The Registrar of Companies,^{Ministry of CorporateAfairs, Governmentof} lndia 2nd floor Corporate Bhawan,^{Nagole,Bandlaguda,Thattiannaram} Village Hayathnagar^{lvlandal, Ranga Reddy Distri 1, TelanganaState} Pin Codo 500^680.

¶47

¶48

¶49

The^{Re'gional Director, South EasternRegion' Ministry of Corporate}

¶50

" Ai;ir;,':";- fLoi corpo"tJ ehawan' Nagole'^{B-andlaotrda Thattiannaram} Village^{HayathnagarM;"il'il;g;Eedd'yDistrict"TelanganaState'Pin} I Code 500^680.

¶51

Code 500^680.

¶52

1. The S.O.^{O.S.Section, High Courtat Hyderabad' for theState of Telangana'}

¶53

Two^C.D.CoPies

¶54

6.oneCCtoSriJ.srinadhReddy,CounselforofficialLiquidator,HighCourt for at HYderabad.^(OPUC)

DL/PR

Yt'

HIGH COURT

DATED: 1511012024

( t

ORDER

COMPANY APPLICATION No.43 of 2022 IN COMPANY PETITION NO:^'187 of 2012

¶62

i*,
lj ( 0[r 2025
rvi,'
.< ,,,/
.,

¶63

ORDERING THE COMPANY APPLICATION

¶64

s dg(eb
k-

M/s. Lakshman Paper Mills (P) Limited (In Liqn) v. No Respondent

Case brief

What is this about?

What did the court decide?

M/s. Lakshman Paper Mills (P) Limited (In Liqn) v. No Respondent

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

M/s. Terrygold (India) Limited, Vs The Appellate Authority for Industrial and

Kesa Prabhakar, Vs The Union of India

M/s. S. K Industries Cotton Merchant and Commission Agent Vs The State of Telangana

Yashdeep Sharma Vs Bank of Baroda

T. Kishan Rao Vs Secunderabad Cantonment Board

M/s. Nagarjuna Finance Limited. Vs No Respondent