TaxTMI 
TaxTMI 
2024 (6) TMI 452
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..... 2. Briefly stated, the above-noted application for dissolution has been moved in the present company petition which was instituted under Sections 433, 434 and 439 of the Companies Act of 1956, for the winding up of the respondent/company (in liquidation) on the ground of non-payment of outstanding dues amounting to Rs. 1,49,83,144.54/- along with due interest. 3. From a perusal of the record, it is borne out that a Provisional Liquidator was appointed to the company (in liquidation) vide order dated 10.11.1997 and pursuant to the same, citation of provisional liquidation was published in newspapers on 07.10.1999. Further, the respondent company was ordered to be wound up vide order dated 19.04.2005 and the Official Liquidator attached w....
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....gards the said factory premises, pursuant to order dated 14.11.2002, Sale Notices for the Land and Building of the factory as also Plant and Machinery at the premises were published in the newspapers namely, "Indian Express" (English) and "Amar Ujala" (Hindi) on 05.04.2003. Subsequently, the factory premises along with plant and machinery were sold by way of an auction for a sale consideration of Rs. 2,75,00,000/- and possession of the same was duly handed over to the Auction Purchaser on 22.03.2005. 8. In compliance with the order dated 19.04.2005, claims were invited from the creditors as well as workmen of the company (in liquidation) by way of publication in the newspapers namely, "Statesman" (English) and "Amar Ujala" (Hindi). Thereaf....
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....561/2023, interalia seeking permission to make payment to the Secured Creditors and transfer the available balance, if any, to the Common Pool Fund, after deduction of the Liquidation Expenses incurred by the office of the Official Liquidator. 12. At present, it is stated that the company (in liquidation) has no further assets, either movable or immovable, from which any money can be realised. Therefore, the present application has been filed under Section 481 of the Act for dissolution of the company (in liquiation), as no fruitful purpose would be served in keeping the present winding up proceedings pending. 13. At this juncture, it would be apposite to refer to the decision in Meghal Homes (P) Ltd. v. Shree Niwas Girni K.K. Samiti & Or....