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        Case ID :
        Companies Law

        The High Court allowed the application seeking dissolution of a...

        Company in liquidation lacks funds for creditors. Application for dissolution approved under Section 481.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The High Court allowed the application seeking dissolution of a company (in liquidation) u/s 481 of the Companies Act, 1956. As the company had insufficient funds and no further assets to realize money for creditors other than Secured Creditors, the Official Liquidator sought permission to pay Secured Creditors and transfer any available balance to the Common Pool Fund after deducting Liquidation Expenses. With no assets left for realization, the court approved the dissolution u/s 481, ending the liquidation proceedings for M/s. Sarvodya Paper Mills Ltd. The Official Liquidator is discharged. Application for dissolution granted.
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