2022 (5) TMI 147

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.... company application has been taken out by the Official Liquidator attached to this Company Court (hereinafter referred to as 'OL' for the sake of brevity) interalia under Section 481 of 'the Companies Act, 1956' (hereinafter referred to as 'said Act' for the sake of convenience and clarity) with a prayer for dissolution of 'Mount Mechanical Works (P) Limited' (hereinafter referred to as 'said company' for the sake of convenience and clarity) which is the company which has gone into liquidation in the captioned main CP owing to an order dated 26.02.1993 made by this Company Court wherein OL was directed to take possession of the movable and immovable assets of said company. 3. Thereafter, the traje....

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....n record; (b)To permit the Official Liquidator to file the final account without audit as nothing survive in the company under liquidation; (c)To form an opinion that the Official Liquidator cannot proceed with the winding up proceedings and that it is just and reasonable to make an order to dissolve the company under Section 481 of the Companies Act, 1956; (d)To permit the Official Liquidator to transfer a sum of Rs.10,00,000/- from the company's fund to Infrastructure Fund Account maintained by Official Liquidator to meet out liquidation expenses for the companies in liquidation; (e)To permit the Official Liquidator to transfer the balance amount lying at the credit of the company to undistributed a....

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....es exist for acceding to the dissolution prayer. These reasonable circumstances are as alluded to/delineated supra. This takes this order back to the seven limbed prayer in the captioned company application. This Company Court finds no justification to accede to limb (d). The reason interalia is the principle ingrained in Section 555 of said Act. Section 555 of said Act provides for undistributed assets in the hands of the liquidator to be paid into a Public Account of India in the Reserve Bank of India. To be noted, such a prayer is contained in limb (e). Therefore, it would be appropriate that the undistributed funds in the hands of OL, the details of which have been captured in the said report, shall be deposited in the appropriate Publi....