https://www.taxtmi.com/caselaws?id=347994 Liquidation proceedings may end in dissolution under Section 481 of the Companies Act, 1956 where the company has already been wound up, no realizable assets remain, and continuation would serve no useful purpose. The Official Liquidator reported that statutory notices had been issued, statements of affairs were recorded, liquidation funds were insufficient even for expenses, no creditor claims were received, and the Income Tax Department did not pursue any claim despite notice. On those facts, the Court found that further winding up would be fruitless and allowed the application for dissolution, ordering the company to stand dissolved. en-us Thu, 31 Aug 2017 00:00:00 +0530 Fri, 15 Sep 2017 08:34:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347994 Liquidation proceedings may end in dissolution under Section 481 of the Companies Act, 1956 where the company has already been wound up, no realizable assets remain, and continuation would serve no useful purpose. The Official Liquidator reported that statutory notices had been issued, statements of affairs were recorded, liquidation funds were insufficient even for expenses, no creditor claims were received, and the Income Tax Department did not pursue any claim despite notice. On those facts, the Court found that further winding up would be fruitless and allowed the application for dissolution, ordering the company to stand dissolved. Case-Laws Companies Law Thu, 31 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347994