https://www.taxtmi.com/caselaws?id=111575 Where the Official Liquidator's report shows that a company has no realisable assets, no secured creditors, negligible cash balances, and no funds to continue winding-up, dissolution may be ordered as a just and reasonable course. The Court noted that the company had ceased business long earlier, its debts and advances were unrealisable, and its net worth was completely eroded. On that basis, the winding-up could not be proceeded with for want of assets and funds, and the company was directed to be dissolved, with the balance lying with the Official Liquidator to be deposited in the Public Account of the Reserve Bank of India. en-us Fri, 12 May 2006 00:00:00 +0530 Tue, 24 Apr 2012 11:41:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111575 Where the Official Liquidator's report shows that a company has no realisable assets, no secured creditors, negligible cash balances, and no funds to continue winding-up, dissolution may be ordered as a just and reasonable course. The Court noted that the company had ceased business long earlier, its debts and advances were unrealisable, and its net worth was completely eroded. On that basis, the winding-up could not be proceeded with for want of assets and funds, and the company was directed to be dissolved, with the balance lying with the Official Liquidator to be deposited in the Public Account of the Reserve Bank of India. Case-Laws Companies Law Fri, 12 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111575