Delhi High Court
M/S Osho Ceramics Ltd. vs ------------------- on 13 December, 2012
Author: Indermeet Kaur
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of Judgment:13.12.2012
+ Co.Pet. No.11/2004
IN THE MATTER OF M/S OSHO CERAMICS LTD.
Through: Mr.Manish Bishnoi, Advocate for
the Official Liquidator.
Mr.Vishal Kumar Pandey,
Advocate for IDBI.
CORAM:
HON'BLE MS. JUSTICE INDERMEET KAUR
INDERMEET KAUR, J. (Oral)
C.A. No.2420/2012
1. This is an application filed by the Official Liquidator seeking
dissolution of the company M/s Osho Ceramics Ltd. (in liquidation)
under Section 481 of the Companies Act. The company was wound up
on 06.10.2004.
2. Statement of ex-director Mr.P.R.Goel and Rakesh Chawla under
Rule 130 of the Companies (Courts) Rules was recorded on 06.10.2004;
statement of affairs of the company was also filed on 09.12.2004. The
factory premises of the company situated at 12 K.M.Stone, Balsmand
Road, Village Rawalwas, Distt. Hissar, Haryana was sold for Rs.2.51
crores. No criminal complaint under Section 454 (5) of the Companies
Act is pending against the ex-director of the company. Claims were
invited from the creditors of the company by the Official Liquidator ; in
response thereto only three claims were received from IDBI, Reliance
Capital and Central Excise Department, Hissar. Claims of IDBI and
Central Excise Department, Hissar had been admitted whereas claim of
Reliance Capital was rejected. Detail of the payment is contained in
paras no.11 and 12 of the application.
3. Bill of Rs.32,26,653/- of the security agency M/s Keshav
Security Services Pvt. Ltd. is pending; Official Liquidator will make
provision for the payment of the said bill. As per the books of account
maintained by the office of Official Liquidator the fund position of the
company as on 30.11.2012 is Rs.34,57,618/- out of which
Rs.32,26,653/- is the contingent liability of M/s Keshav Security
Services Pvt. Ltd.
4. No movable/immovable assets are available in the hands of the
Official Liquidator for realization. No fruitful purpose would be served
in keeping the company alive.
5. In the case of Meghal Homes (P) Limited Vs. Shree Niwas Girni
K.K. Samiti & ors. (2007)7 SCC 753, the Supreme Court, inter alia, in
paragraph 31 thereof, held as under :-
"......when the affairs of the Company had been
completely wound up or the Court finds that the Official
Liquidator cannot proceed with 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."
6. In view of the above decision of the Supreme Court and the facts
and circumstances of this case, the liquidation proceedings deserve to be
brought to an end. Consequently, M/s Osho Ceramics Ltd. is dissolved
under Section 481 of the Companies Act.
7. The Official Liquidator is permitted to transfer the balance fund
available in the Company's account to the Reserve Bank of India after
creating provision for payment of government fee, audit fee and other
liquidation expenses which includes as amount of Rs.32,26,653/-
towards the contingent dues of the security agency M/s Keshav Security
Services Pvt. Ltd. The Official Liquidator is also permitted to close the
books of account of the company. A copy of this order shall be
communicated to the Registrar of Companies within 30 days by the
Official Liquidator. The C.A. No. 2420/2012 as also the Company
Petition No.11/2004 are disposed off and the Official Liquidator is
discharged. The files and records of the company be consigned to record
room.
INDERMEET KAUR, J
DECEMBER 13, 2012
nandan
