TaxTMI 
TaxTMI 
2012 (5) TMI 115
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....ectors of the Company in liquidation were required to file their statement of affairs within 21 days from the date of the order of winding up. In the instant ease, admittedly, the statement of affairs has not been filed by the respondents within the period of 21 days. In that context, the Official Liquidator has initiated the proceedings in C.A. No. 672/2005. The respondents have appeared before this Court and had also filed their objections. It is seen that pursuant to the application, the charge was framed against each of the respondents and on the respondents pleading not guilty, the matter had been set down for evidence, The witness on behalf of the applicant was examined as P.W. 1 and the documents at Exhs.Pl to P11 were marked. The st....
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....he respondents herein seeking condonation of delay in filing the statement of affairs. The said application though not listed in the cause-list today, on the perusal of the subsequent order sheet, it is found that the same has not been disposed of. In my view, the same requires consideration at the outset as it goes to the root of the matter. Only if this Court does not condone the delay, the further action would arise. 4. In that regard, a perusal of the order dated 16.12.2009 would indicate that this Court keeping in view the said application and also considering the fact that the statement of affairs had thereafter been filed by the respondents had permitted the Official Liquidator to point out the defects if any, in the statement of af....
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.... law, if the same is within limitation and is permissible. Therefore, the non-compliance with the deficiencies pointed out in the statement of affairs alone need not hold up the proceedings initiated under Section 454 of the Companies Act, inasmuch as the primary question for consideration in a proceedings of the present nature is as to whether the statement of affairs has been filed within the time and as to whether the respondents have made out any sufficient cause for the delay, if it is found that if is filed belatedly. 6. If the said aspect is kept in view, the very fact that the respondents have filed an application in CA.No. 185/2006 under Rule 128 of the Companies (Court) Rules, 1959, would indicate that the respondents would accep....
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....005 whereby this Court had ordered the winding-up of the Company-in-liquidation. This act on the part of the respondents in filing the said application in itself would indicate that the filing of the statement of affairs immediately thereafter was not possible in view of the fact that the application for recalling if allowed would have made a difference to the situation. 8. The further averments in the said application would also disclose that ultimately when the efforts to settle the matter did not fructify, the respondents were forced to withdraw the application in C.A.No. 869/2005 which was accordingly disposed of on 30.05.2007. The respondents have thereafter tiled the statement of affairs for the first time before the Official Liquida....