Company Dissolved: Liquidation Completed with No Assets for Distribution, Official Liquidator Discharged. The HC allowed the application under Section 481 of the Companies Act, 1956, dissolving the company in liquidation and discharging the Official ...
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Company Dissolved: Liquidation Completed with No Assets for Distribution, Official Liquidator Discharged.
The HC allowed the application under Section 481 of the Companies Act, 1956, dissolving the company in liquidation and discharging the Official Liquidator. The company's assets had been sold by secured creditors, with no remaining assets for distribution. The Registrar of Companies was notified, and all related applications were disposed of.
Issues: Application under Section 481 of the Companies Act, 1956 for dissolution of a company in liquidation and discharge of the Official Liquidator.
In this judgment, the Hon'ble Justice considered an application under Section 481 of the Companies Act, 1956, seeking the dissolution of the company in liquidation, M/s. Moradabad Syntex Ltd., and the discharge of the Official Liquidator. The application was filed based on a reference from the Board for Industrial and Financial Reconstruction, which recommended the winding up of the company. The company was ordered to be wound up in 2012, and the Official Liquidator was appointed. The Official Liquidator reported that the company's assets were sold by secured creditors, and no other assets were available for distribution. Claims were invited, and disbursements were made to various claimants, including EPFO, Income Tax, and others. An application by M/s. P.D. Gupta & Company against IDBI was mentioned, but it was clarified that the company in liquidation was not directly involved. The Official Liquidator confirmed the lack of assets for realization and recommended the dissolution of the company based on legal precedents and Section 481 of the Companies Act, 1956. The Court, considering the circumstances and legal provisions, allowed the application, dissolved the company, discharged the Official Liquidator, and ordered the closure of the company's accounts. The Registrar of Companies was directed to be informed, and the company petition and related applications were disposed of accordingly.
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