Delhi High Court
Re-In The Matter Of Lalaji Paper ... vs ... on 1 October, 2019
$~C-4
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of decision: 01.10.2019
+ CO.PET. 217/1990
RE-IN THE MATTER OF LALAJI PAPER MILLS PVT. LTD.
..... Petitioner
Through: Mr. D. Bhattacharya, Advocate, Standing
Counsel, with D. K. Singh, OL in person
CORAM:
HON'BLE MS. JUSTICE JYOTI SINGH
JYOTI SINGH, J. (ORAL)
CO. APPL. 1050/2019
1. This application has been moved by the Official Liquidator under
Section 481, Companies Act, 1956, read with Rules 9 & 281 of the Company
(Court) Rules, 1959 (hereinafter referred as CCR), primarily praying for
dissolution of the Company (in Liqdn.), namely, M/s Lalji Paper Mills (P)
Ltd.
2. Perusal of the application reveals that this Company came to be
wound up vide Order dated 23.08.1991, where after the Official Liquidator
took over the Company (in Liqdn.). On the basis of investigation, following
assets were seized:-
i. The Registered Office of the company, being L-92, First
floor, Lalji Shopping Complex, Munirka, New Delhi-67,
and,
ii. the Factory premises (as well as the Plant & Machinery
located therein), situated at Barotiwala, Distt. Solan,
Himachal Pradesh.
3. As the proceedings progressed, it transpired that the Registered Office,
i.e. the property enumerated at para 2 (i) above, didn't belong to the
Company (in Liqdn.). Instead, the same turned out to be owned by one Mr.
Mukesh Sharma and Sh. Ved Prakash Garg. Accordingly, the same was
released to the said owners on 27.07.2018 under Order of this Court dated
06.07.2018. The said property had some assets lying therein, which were
bought by the owners themselves, for a sum of Rs. 11,500/-. But the other
assets, enumerated at para 2 (ii) above, being the Factory premises, including
land & building as well as the Plant & Machinery lying therein, were owned
by the Company (in Liqdn.), and accordingly steps were taken by the
Official Liquidator for valuing them and consequently auction it. This sale
took place vide Order dated 27.03.2003, of this Court, in favor of M/s Triple
A Wire link Industries, auction purchaser, for a sum of Rs. 95.11 Lacs.
Accordingly, the assets were released by the Official Liquidator.
4. Thus, the Official Liquidator successfully liquidated the available
assets of the Company (in Liqdn.); and thereafter, for ensuring due
disbursement of the realised amounts, invited claims from the creditors of
the Company (in liqdn.) on 30.09.2003, by way of publication in the
newspaper namely "Punjab Kesari" (Hindi) edition.
5. Upon receiving the claims, it was found that the available funds could
only be disbursed to the Secured Creditors, namely, HP State Industrial
Development Corporation (HPSIDC), Himachal Pradesh Financial
Corporation (HPFC) and Punjab National Bank, Shimla (H.P.). Accordingly,
vide Order 18.05.2007, the said disbursement was crystalised by this Court.
6. It is submitted by Mr. D. Bhattacharya, learned Standing Counsel, that
the Official Liquidator after liquidating the available asset, ie. the asset
enumerated at para 2 (ii) above, duly disbursed the realized sums amongst
the three secured creditors. The other asset which was initially seized, had to
be released to its true owner as the Company (in Liqdn.) wasn't owning it. In
view of this, as on date there is no other asset that remains to be liquidated,
and, the claims have already been settled as mentioned above. Counsel for
the Official Liquidator submits that to the best of information available with
the Official Liquidator, no case is pending against the Company (In Liqdn.).
Further, most of the Ex- Directors went untraceable, and the sole ex-
Director, Sh. Ajit Soni didn't render any assistance to the Official
Liquidator. Accordingly, the Official Liquidator is unable to proceed further.
He submits that accordingly no further step could be undertaken by the
Official Liquidator, and hence circumstances are apt for dissolving the
Company (in Liqdn.). He also prays for the relief of reimbursing the Official
Liquidator with a sum of Rs. 35,000/- towards Liquidation expenses i.e.
audit fee, govt. fee etc., from the available fund balance. He further submits
that the balance in the fund, after deducting the said Rs. 35,000/-, may be
directed to be remitted to the Common Pool Fund.
7. Heard the counsel for the official Liquidator.
8. From the submissions made by the counsel, it seems that the
Liquidation process has been carried out, as per the Companies Act. The
Official Liquidator liquidated the available assets of the Company (in
Liqdn.), and distributed the realized amounts amongst the secured creditors.
The Official Liquidator is not seized of any other asset. The Official
Liquidator has not received any complaints so far. Accordingly, there is no
reason for not dissolving the Company (In Liqudn.) and terminate the
proceedings.
9. The present application is thus allowed, in the following terms:
i. the Company (in Liqdn.), namely M/s Lalji Paper Mills
(P) Ltd. is hereby dissolved;
ii. the Official Liquidator is permitted to remit to itself a
sum of Rs. 35,000/- from the available fund balance lying
in the Company (in Liqdn.) account, towards liquidation
expenses, government fee etc., and the balance sum of
Rs. 7,01,642/- is directed to be remitted to the Common
Pool Fund.
10. The application stands disposed of.
CO.PET. 217/1990
11. With the above, the Official Liquidator shall close the Books of
Accounts with respect to the Company (In Liqdn.) and communicate
this Order to the Registrar of Companies, Delhi.
12. The next date of hearing, if any, previously fixed, stands cancelled.
JYOTI SINGH, J
OCTOBER 01, 2019
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