https://www.taxtmi.com/caselaws?id=113442 A company in liquidation was dissolved under section 481 because the winding up had been pending for a long period, the available assets had already been dealt with, proceedings against the ex-directors had concluded, and only a small deposit balance remained with the Official Liquidator. The Court held that continuing the liquidation would serve no useful purpose, as there was no realistic prospect of recovery of debts or any further beneficial claim. It therefore dispensed with further liquidation steps and directed dissolution, with the Official Liquidator to file the prescribed report with the Registrar of Companies under section 481(2). en-us Thu, 20 May 2010 00:00:00 +0530 Mon, 06 Oct 2014 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113442 A company in liquidation was dissolved under section 481 because the winding up had been pending for a long period, the available assets had already been dealt with, proceedings against the ex-directors had concluded, and only a small deposit balance remained with the Official Liquidator. The Court held that continuing the liquidation would serve no useful purpose, as there was no realistic prospect of recovery of debts or any further beneficial claim. It therefore dispensed with further liquidation steps and directed dissolution, with the Official Liquidator to file the prescribed report with the Registrar of Companies under section 481(2). Case-Laws Companies Law Thu, 20 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113442