https://www.taxtmi.com/caselaws?id=755995 Section 481 of the Companies Act, 1956 permits dissolution where a company in liquidation has no realizable assets and the Official Liquidator cannot continue for want of funds or assets, and the Court considers it just and reasonable to end the winding up. The text states that these conditions were satisfied because no movable or immovable assets remained, the funds position was negative, and further recovery would serve no useful purpose. On that basis, the company was dissolved, the Official Liquidator was discharged, further publication of citation was dispensed with, and the connected proceeding against the ex-directors ended consequentially. en-us Fri, 05 Jan 2024 00:00:00 +0530 Thu, 25 Jul 2024 08:04:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755995 Section 481 of the Companies Act, 1956 permits dissolution where a company in liquidation has no realizable assets and the Official Liquidator cannot continue for want of funds or assets, and the Court considers it just and reasonable to end the winding up. The text states that these conditions were satisfied because no movable or immovable assets remained, the funds position was negative, and further recovery would serve no useful purpose. On that basis, the company was dissolved, the Official Liquidator was discharged, further publication of citation was dispensed with, and the connected proceeding against the ex-directors ended consequentially. Case-Laws Companies Law Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755995