2022 (11) TMI 167

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.... No. 34 of 2002. 3. The report further indicates that, pursuant to the winding up order, the Official Liquidator deputed his officials to inspect the records of the subject company lying with the Registrar of Companies, Gujarat, Ahmedabad to find out the assets and properties, liabilities, address of Registered Office, factory premises, secured creditors, debtors and names and addresses of ex-directors of the company. 4. That, while taking inspection of the records of the Registrar of Companies, Gujarat, the representative of the Official Liquidator compiled the details of the company (In Liqn.) which are as under :- Name of Company ARM Polymers Ltd. CIN No. L17119GJ1980PLC003651 Date of Incorporation 02-02-1980   Registered....

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....r of M/s. Jalaram Polymers and also the sale of Vatva Unit has been confirmed for Rs. 55 Lacs in favour of M/s. Rajesvari Textile Ltd. vide order dated 13.12.2007 passed in Official Liquidator's Report No. 245 of 2007. It is also submitted that the Official Liquidator as per the Chartered Accountants report verified claim of secured creditors namely IDBI Bank (First Charge Holder) and Vijaya Bank (Second Charge Holder) of Rs. 12,18,59,077/- and Rs. 12,97,26,093/- respectively. 7. It is also submitted that the IDBI Bank Ltd. had moved Company Application No. 462 of 2008 before the this Court. After hearing said matter, this Court vide order dated 17-08- 2009 directed the Official Liquidator to disburse the amount of Rs. 1,52,38,456/-. A....

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....g 1st Charge Holder. Accordingly, the Official Liquidator further disbursed an amount of Rs. 1,80,00,000/- to the Applicant i.e. IDBI Bank Ltd. It is further submitted that the IDBI Bank Ltd. had moved Company Application No. 30 of 2013 before the this Court. After hearing said matter, this Court vide order dated 25-2-2013 disposed off the said Company Application. 9. It is further submitted that the IDBI Bank Ltd. had further moved Company Application No. 2 of 2020 before the High Court of Gujarat. After hearing said matter, this Court vide order dated 14-02-2020 directed the Official Liquidator to disburse the amount of Rs. 57,00,000/-. Accordingly, in terms of said order dated 14-02-2020, the Official Liquidator has disbursed an amount ....

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....n end to the winding-up process" 13. It is further submitted that during the process, prior intimation letters for dissolution of the subject company, the Official Liquidator vide letters dated 22-09-2020 were sent to the Registrar of Companies, Gujarat, Income-Tax Department, Securities and Exchange Board of India (SEBI), National Stock Exchange of India Ltd. and Bombay Stock Exchange Ltd. (BSE). However, in response of letter dated 22-09-2020, the Registrar of Companies, Gujarat vide its letter dated 13-10-2020 informed that they are having no objection, if the company is dissolved by the this Court. Hon'ble High Court of Gujarat. The Official Liquidator also received letter dated 09-10-2020 from Securities and Exchange Board of India (S....

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....visions of section 559 of the Companies Act, 1956 and thereupon such proceedings may be taken as might have been taken if the Company had not been dissolved. In this regard, the Official Liquidator crave leave of this Hon'ble Court to file such application as may be needed in future, if any, in the best of interest of justice. 16. It is submitted that in compliance of Rule 281 of the Companies (Court) Rules, 1959, the Official Liquidator has appointed M/s. P. C. Rathod & Co., Chartered Accountants for Auditors' Certificate. It is further submited that as per Balance Certificate dated 04-03-2022 issued by M/s. P. C. Rathod & Co., Chartered Accountants., the following Balance in the account of the company in liquidation : - Cash (Rs.) Bank....