1997 (10) TMI 315

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....ta, the Managing Director of the company and a winding up order was passed by this Court on 2-7-1988. Prior to it the Official Liquidator was appointed provisional liquidator of the company, vide order dated 18-9- 1987. It appears that the Ex-Directors of the company (in liquidation) did not file the statement of affairs within time as required under section 454 of the Act. The present petition has been filed by the Official Liquidator on the basis of the report dated 10-9-1992 prepared by Shri N.C. Jain, Chartered Accountant, Jaipur on the basis of books of account and other record of the company. 3. The learned counsel appearing for the Official Liquidator restricted his contention to the averments made in Paras 12 and 13 of the applicat....

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....possession by the Punjab National Bank in the year 1982 and since then the assets remained in its possession. There is no material on record as to what were conditions of the furniture and other assets of the company when they were taken in possession by the bank and there is also no evidence on record as to how the bank managed and looked after those assets till they were taken in possession by the Official Liquidator. It also appears that the furniture and other assets of the company remained in possession of the Official Liquidator for two years from the date he took them in his possession till they were sold by him. It further transpires that as per the statement of account which was prepared by Shri P.R. Mehta, the cash balance as on 2....