2024 (7) TMI 1466

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Cement Ltd., and praying that the Official Liquidator be discharged as its Liquidator. 2. This application for dissolution has been moved in the present company petition, which was instituted on the basis of a reference from the Board of Industrial and Financial Reconstruction, for winding up of the company (in liquidation). 3. It is brought forth that the respondent company was ordered to be wound up vide order dated 15.12.2000 and the Official Liquidator attached to this Court was appointed as its Liquidator with the direction to take charge of the assets, records and books of accounts of the company. Pursuant to the same, citations for winding up were made by way of publications in the newspapers namely, 'Statesman' (English) and ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nvited from the creditors and workers of the company (in liquidation). Thereafter, vide order dated 12.12.2003, the Official Liquidator was directed to examine and scrutinise the claims received. Subsequent to undertaking this process, pursuant to the order dated 14.10.2004, the Official Liquidator disbursed a sum of Rs. 19,36,511/- to 63 workers of the company (in liquidation). Further, in compliance of order dated 16.11.2006, a sum of Rs. 1 crore was disbursed amongst the secured creditors of the company (in liquidation) in the following manner: (i) IDBI received Rs. 45,90,216/-; (ii) IFCI received Rs. 22,78,589/-; and (iii) ICICI received Rs. 31,31,195/-. 8. In addition to the above-stated disbursement, the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....h the winding up of the Company for want of funds or for any other reason, the court can make an order dissolving the Company from the date of that order. This puts an end to the winding up process." 11. It would also be apposite to consider Section 481 of the Companies Act, 1956, which provides for the dissolution of a company, the relevant portion of which reads as under: "Section 481. Dissolution of Company. (1) When the affairs of a company have been completely wound up or when the Court is of the opinion that the liquidator cannot proceed with the winding up of a company for want of funds and assets or for any of the reason whatsoever and it is just and reasonable in the circumstances of the case that an order of d....