TaxTMI 
TaxTMI 
2013 (5) TMI 434
X X X X Extracts X X X X
X X X X Extracts X X X X
....be ordered to be dissolved from the date of order." Company was initially incorporated as a Private Limited Company on 22.12.1936 with its registered office at Bagaha in the district of West Champaran. Company owned a sugar factory at Bagaha and its object was to manufacture sugar etc. It appears that the Company remained in operation for near about 14 years, but later on, it was not found feasible to run the same any more on account of various factors beyond its control. Hence, under a Resolution passed on 16.5.1952 in the meeting of Creditors, Contributors and Members, Company went into voluntary liquidation and one Sri M. P. Singh was appointed as the Liquidator of the Company to initiate the process of winding up. At the time of c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on the ground that he did not make real effort for speedy realization of the dues of the Company because of which Liquidation proceeding had remained pending since 1952. Notices were issued on the petition to the Liquidator, who appeared before this Court. After hearing the parties, this Court by order dated 4.11.1968 allowed the petition of the Registrar of Companies, removed the said Liquidator and appointed Official Liquidator as Liquidator of the Company. Thereafter, Official Liquidator made efforts for holding meeting of Creditors and Contributors thrice in terms of provisions of section 508 of the Companies Act. However, he could not make any progress for want of funds and for want of cooperation from the Creditors and Contributors....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Report under consideration that since Company was put under Creditors voluntary winding up, nothing much the Official Liquidator was required to do. It is also stated in the Report that more than 59 years have already passed since the liquidation proceeding started and 43 years have passed since Official Liquidator was appointed as Liquidator. It also appears that after dismissal of the suit and the appeal by the Calcutta High Court, Company had no asset available and also there are no sufficient fund available with the Company except Rs.28.15p, which is not even sufficient for swearing affidavit to be filed along with final accounts of the Company, which has been drawn and annexed with the Report as Annexure-C. Hence, it is stated in the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Company was its dues of Rs.22 lacs and odd against said M/s North Bihar Sugar Mills Ltd. (which amount was outstanding against it out of the sale proceeds of sale of its all units, including the Sugar Mill to it made earlier), for which it had filed suit in the Calcutta High Court on its original side, which claim extinguished with the dismissal of the appeal by the Division Bench against the order of dismissal of the suit. This Court finds that there is no asset of the Company, which may be proceeded with for disbursement to its creditors, if any, in liquidation proceeding. This Court also finds that after taking charge, the then Official Liquidator made attempts to convene meeting of the Company with its Creditors and Contributors repea....