TaxTMI 
TaxTMI 
2008 (11) TMI 397
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....06 when the court noted that after December, 1999, the official liquidator had not taken any further steps and no status report/compliance report had been filed. It is noteworthy that a report stood filed in the court only one day prior to the date of hearing. No further or effective steps had been taken in the matter after 1995 to comply with the statutory provisions and the rules framed thereunder for a period of almost twelve (12) years. The court noted that recovery proceedings against the creditors of the company had thereby become barred by limitation. 3. In this background, in view of there being no other option but to close the case, this court had directed dissolution of Josh India (P.) Ltd. in terms of section 481 of the Companie....
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....o file the report. The court had directed the Official Liquidator to complete the inquiry in terms of the order dated 29-4-2008 positively within six weeks. 8. From the above, it would therefore appear as if there is effort to cover up the truth is not revealed and the persons who are responsible for the lapses are shielded. 9. It is stated today by Mr. A.K. Chaturvedi, the Official Liquidator, that inquiry was not possible because he has no records of the staff which was dealing with the file. To say the least this submission is hopelessly appalling. The staff which was assigned to the office of the official liquidator is holding the designation of Assistant Official Liquidator and Deputy Official Liquidator. Even the period concerned is....
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....p orders, no steps have been taken with regard to the affairs of the company. It is necessary to note that despite passage of over four months and repeated queries, the Official Liquidator is not in a position to state even the exact number of companies which are under liquidation, status of the liquidation proceedings; number of immovable properties of the companies which are under the seal of the Official Liquidator or number of the properties of companies under liquidation which are yet to be sealed. Details of these is yet another matter. 12. It is stated that for this reason the claims of companies worth crores are becoming time barred. Immovable properties of the companies is also in a precarious position. These properties include hu....