Delhi High Court
M/S India Insulator Ltd vs .............. on 24 November, 2014
$~1
*IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.PET. 113/1994
IN THE MATTER OF
M/S INDIA INSULATOR LTD. ... Petitioner
Through: Ms. Ruchi Sindhwani, Advocate
on behalf of Official Liquidator.
CORAM:
HON'BLE MR. JUSTICE SANJEEV SACHDEVA
ORDER
% 24.11.2014
C.A No. 2698/2014 (application under section 481 of
the Companies Act, 1956)
1. This application has been filed by the Official
Liquidator under Section 481 of the Companies Act,
1956 read with Rule 9 of the Company (Court) Rules,
1959 praying that M/s India Insulator Limited (in
liquidation) be finally dissolved and the Official
Liquidator be discharged as its Liquidator.
2. M/s India Insulator Limited (hereinafter referred to as
Company) was ordered to be wound up by order dated
01.02.1995 and the Official Liquidator attached to this
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Court was appointed as the Liquidator of the Company.
Citations were also published in the newspapers.
3. The registered office of the Company (In Liqn.) was
situated at M-182, G.K. Part-II, New Delhi. The
Company was a tenant and had already vacated the said
premises prior to the date of winding up. The factory of
the Company was situated at Village-Varora, Tehsil-
Bindhki, Fatehpur (U.P) and the same was in
possession of the Secured Creditor, namely PICUP.
The possession was then taken over by the Official
Liquidator from the said Secured Creditor.
4. The plant and machinery lying at the factory was sold
by the orders of this Court dated 25.05.2005 for
Rs.20,00,000/- to M/s ARS Enterprises and possession
of Plant & Machinery was handed over to M/s ARS
Enterprises Auction Purchaser through its nominee M/s
Chaudhary Scrap Traders on 14.06.2005.
5. The land and building of the Company (In Liqn.) was
sold by the order of this Hon'ble Court dated
10.08.2006 for a sum of Rs. 2.31 crores to M/s Kundan
Casting P. Ltd and possession was handed over to
Auction Purchaser on 04.11.2006.
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6. The claims were invited from the creditors and
workmen of the Company by giving notice in the
newspapers. In response, only the claim of the Secured
Creditor, namely PICUP and RSWM Ltd. were
received and no claims were received from the
workmen of the Company. However, the admitted
amount of Rs. 1,28,41,790.16/- was released to PICUP
in terms of order dated 18.01.2007 and 30.04.2007 as
100% dividend and in terms of order dated 28.01.2010
passed in Co. Appeal (SB) No. 36/07 a sum of Rs.
28,91,994/- as a interest @ 4% per annum under Rule
179 of the Company (Court) Rules, 1959 was released
to PICUP. The admitted amount of RSWM Ltd.
amounting to Rs. 19,64,110/- was also disbursed in
terms of order dated 17.02.2012 as 100% dividend.
7. A list of 12 contributories was obtained from the
Registrar of Companies, Delhi out of which 8 claims
having been received and admitted and disbursed.
Remaining 4 contributories namely M/s Gembel N.V.
Vestingstraat, Shri I.B. Lal, Shri S.N. Surekha and M/s
Sediver France have not come forward to file their
claims and accordingly their amount could not be
disbursed.
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8. As per the official liquidator, the balance amount lying
with the Official Liquidator after deduction of the
liquidation expenses and govt. commission etc. as on
30.09.2014 is Rs 28,63,195.93p.
9. The Official Liquidator has filed the present
Application under Section 481 of the Companies Act,
1956 for dissolution of the said Company and has
sought permission to close the books of the Company
after transferring the balance undisbursed amount of Rs
28,63,195.93p to the Reserve Bank of India as under
the head of unclaimed dividend
10. Learned Counsel for the Official Liquidator states that
the Official Liquidator has no further asset either
movable or immovable from which any amount may be
realized for the Company. It is further submitted that
there is no possibility of realizing any further funds and
also no claims have been received, therefore, no useful
purpose would be served by keeping this matter
pending.
11. In the case of MEGHAL HOMES (P) LTD. v.
SHREE NIWAS GIRNI K.K. SAMITI and ORS.,
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(2007) 7 SCC 753, the Supreme Court, inter alia in
paragraph 31 thereof, has 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."
12. 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 India Insulator Limited is dissolved.
Books of the company of M/s India Insulator Limited
are permitted to be closed by the Official Liquidator
and the Official Liquidator is discharged as its
Liquidator.
13. The Official Liquidator is entitled to deduct not only its
expenses but also Government Commission etc. out of
the funds available in the account of the company.
14. The undisbursed amount of Rs.28,63,195.93p shall be
deposited by the Official Liquidator with the Reserve
Bank of India after deduction of liquidation expenses
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and Government Commission as on date of liquidation
shall be deposited by the official Liquidator under the
head of unclaimed dividend.
15. A copy of the order be communicated to Registrar of
companies within 30 days by the Official Liquidator.
The Official Liquidator shall also annex with the copy
of order, the list of persons whose unclaimed dividend
is being transferred to the Reserve Bank of India.
16. The Application is, accordingly, allowed and disposed
of.
17. No further orders are called for in the present company
petition, which is also disposed of.
SANJEEV SACHDEVA, J
NOVEMBER 24, 2014
st
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