Delhi High Court
Shalimar Paints Ltd vs Crown Sales (India) Pvt Ltd on 25 September, 2012
Author: Indermeet Kaur
$~A13
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of Judgment:25th September, 20012
+ CO.PET. 334/2003
SHALIMAR PAINTS LTD. ..... Petitioner
Through Mr. Sajeev Sagar, Adv.
versus
CROWN SALES (INDIA) PVT. LTD. ..... Respondent
Through Mr. Rajiv Bahl, Adv. for the
Official Liquidator.
Mr. Sanjeev Narula with Mr.
Deepak Sharma, Adv. for the
respondent.
CORAM:
HON'BLE MS. JUSTICE INDERMEET KAUR
INDERMEET KAUR, J. (Oral)
Report No. 511/2012
1. Report of the Official Liquidator dated 19.09.2012 is taken on
record. The Company-Crown Sales (India) Pvt. Ltd. was wound up on
31.11.2010. There were two directors of the Company, namely, Mr.
Charan Shah Kohli and Mr. Sanjay Kohli; Mr. Charan Shah Kohli had
expired on 09.01.2009; Mr. Sanjay Kohli had filed the statement of
affairs which was defective. On 17.02.2011, Crl. (O) No. 24/2006 filed
by the Official Liquidator under Section 454 of the Companies Act was
disposed of with a direction to Mr. Sanjay Kohli to pay a fine of Rs.
50,000/-. Claims were invited. No claims had been received except the
claim of the petitioning creditor. On 01.05.2012, letter was issued to the
petitioning creditor to submit his claim. On 28.05.2012, this Court had
given final opportunity to the petitioning creditor to file his claim. The
petitioning creditor is present in court today. He has fairly conceded that
he has no document to support his claim. Fund position of the Company
as on 05.09.2012 is Rs. 1,90,712/-.
2. This report is disposed of
CO.PET. 334/2003 and Co. A. 2197/2011 (for dissolution)
1. This application has been filed under Section 481 of the
Companies Act, 1956 seeking dissolution of the Company M/s. Crown
Sales (I) Pvt. LTd. On 31.08.2005, the Company was provisionally
wound up. Final winding up order was passed on 30.11.2010.
2. The registered office of the Company was located at 265,
Pitampura, Shivaji Market, Delhi 1100034. There were two directors of
the Company, namely, Mr. Charan Shah Kohli and Mr. Sanjay Kohli;
notices were issued to the ex. Directors under Rule 130 of the
Companies Court Rules, under Section 454(5) of the Companies Act
and Sections 468/477 of the Companies Act; the statement of Mr.
Sanjay Kohli, ex. Director was recorded under Rule 130 on 31.08.2005;
Mr. Sanjay Kohli had filed statement of affairs which was defective;
Mr. Charan Shah Kohli had expired on 09.01.2009; ex. Director of the
Company filed revised unaudited Balance Sheet in compliance of the
order dated 17.02.2011 showing debtors for Rs. 67,200/-, Security
Deposit for Rs. 2,000/- and Secured Creditors for Rs. 8,50, 346/-.
3. Directors were given directions to furnish their complete
addresses and details of creditors, debtors and security deposits vide
letter dated 13.05.2011 but no reply thereto has been received.
4. The Chartered Accountant-M/s Chaturvedi and Company who
had been appointed by this court refused to verify the new Balance
Sheet filed by Mr. Sanjay Kohli, ex. Director on the ground that
relevant records like Bank Statement, cash Vouchers had not been
furnished. Accordingly, application under Sections 468 and 477 of the
Companies Act filed by the Official Liquidator was disposed of with a
direction to Mr. Sanjay Kohli to pay a fine of Rs. 50,000/- to the
Official Liquidator; Mr.Sanjay Kohli was also directed to pay
Rs.20,000/- as fee to the Chartered Accountant. These amounts were
accordingly deposited; Rs.20,000/- was paid to the Chartered
Accountant.
5 There are no other assets available for realization. As per the
books of account maintained by the office of Official Liquidator the
fund of the Company as on 05.09.2012 is Rs. 1,90,712/-.
6. 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 can not 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."
7. 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 Crown Sales (I) Pvt. Ltd. is
dissolved under Section 481 of the Companies Act. 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 C.A. No. 2197/2011 as also the Company
Petition No. 334/2003 are disposed off and the Official Liquidator is
discharged. The files and records of the company be consigned to record
room.
INDERMEET KAUR, J
SEPTEMBER 25, 2012/rb
