Delhi High Court
Motor Industries Co. Ltd vs Karigar Auto Agencies P Ltd on 25 July, 2012
Author: Indermeet Kaur
$~
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of Judgment:25th July, 2012
+ CO.PET. 330/2003 and Co. Appl. No. 1344/2012
MOTOR INDUSTRIES CO. LTD. ..... Petitioner
Through: None.
versus
KARIGAR AUTO AGENCIES P. LTD. ..... Respondent
Through: Mr. Ashish Makhija, Adv. for
Official Liquidator.
CORAM:
HON'BLE MS. JUSTICE INDERMEET KAUR
INDERMEET KAUR, J. (Oral)
1. This application has been moved by the Official Liquidator
attached to this Court under Section 481 of the Companies Act, 1956
(for short 'the Act") inter alia praying that the Company-M/s. Karigar
Auto Agencies Pvt. Ltd. (in liqn.) may be dissolved and the Official
Liquidator may be discharged from further proceedings. It has also been
prayed that the Official Liquidator may be permitted to transfer the
balance fund available in the company's account to the Reserve Bank of
India after making payment/creating provision or making payment
towards the government fee, audit fee and liquidation expenses and the
Official Liquidator may be permitted to close the books of account of
the company.
2. The Official Liquidator states in the application that this Court
vide order dated 20.04.2003 had appointed the Official Liquidator as its
provisional liquidator. The final winding up order was passed on
20.10.2005.
3. In compliance of the order dated 24.04.2003 the Official
Liquidator took the possession of Registered Office of the Company (in
liqn.) situated at B-1/174, Ashok Vihar, Phase-II, New Delhi, thereafter,
vide order dated 10.08.2006, the inventory of movable assets was also
prepared by the office of Official Liquidator. It is further stated that
during the preparation of inventory, there was no record of the company
(in liqn.) found in the aforesaid premises.
4. It is further stated that this Court vide its order dated 30.05.2012
disposed of the Criminal Complaint bearing Crl. (O) No. 28/2005 by
imposing cost of Rs. 1 lacs each upon two ex-Directors and the cost
stands deposited.
5. It is stated that in terms of order dated 04.12.2009, the Official
Liquidator invited the claims from the secured & unsecured creditors
and workmen of the Company (in liqn.). However, no claims were
received by the Official Liquidator in response to the claim notice
published on 29.01.2010.
6. It is further stated that during the proceedings, the ex.-Director of
the Company has informed this Court that he has settled the Petitioning
creditor of the Company (in liqn.) and there is no other creditor of the
company (in liqn.).
7. It is stated that this Court vide order dated 18.04.2012 appointed
M/s. G.C. Sharma and Sons, a valuer on the panel of the Official
Liquidator, to evaluate the moveable assets of the Company (in liqn.)
lying at the premises bearing no. B-1/74 Ashok Vihar Phase-II New
Delhi and directed the Official Liquidator to sell the movable assets by
circulating handbills as well as by publication of notice on its official
website. The moveable assets since have been sold to the highest bidder
namely Sh. Amit K. Singh for Rs. 1,40,000/-.
8. It is further stated that this Court vide order dated 30.05.2012 has
confirmed the sale in favour of auction purchaser and further directed
the Official Liquidator to handover the said moveable assets to the
auction purchaser thereafter the vacant possession of the premises may
also be handed over to the landlord. Accordingly, the possession of
moveable assets has been handed over to auction purchaser and vacant
possession of the premises was also handed over to the landlord on
13.06.2012.
9. It is stated that there are no other assets available for realization.
It is further stated that as per the books of account maintained in the
office of Official Liquidator the fund position of Company is
Rs.3,73,900/- as on 20.07.2012. It has been prayed that since all claims
of the company (in liqn.) have been settled and no other assets were
available for further realization and no useful purpose will be served in
continuing with the winding-up process, the Official Liquidator may be
discharged and the company be dissolved under Section 481 of the
Companies Act, 1956.
10. 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."
11. 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. Karigar Auto Agencies Pvt. Ltd.
is dissolved. The Official Liquidator is also permitted to make payments
of Rs. 7,865/- to M/s. G.C. Sharma & Sons, valuer out of the funds of
the Company (liqn). The Official Liquidator is also permitted to transfer
the balance fund available in the Company's account to the Reserve
Bank of India after creating provision or making payment towards the
government fee, audit fee and liquidation expenses. The Official
Liquidator is 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 present application and
the Company Petition No. 330/2003 are disposed of and the Official
Liquidator is discharged. The files and records of the Company be
consigned to the Record Room.
INDERMEET KAUR, J
JULY 25, 2012/rb
