Delhi High Court
Sarigam Containers P. Ltd. vs Core Organics Ltd. on 16 October, 2019
$~C-42
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of decision: 16.10.2019
+ CO.PET. 120/1996
SARIGAM CONTAINERS P. LTD. ..... Petitioner
Through:
versus
CORE ORGANICS LTD. ..... Respondent
Through: Ms. Isha Khanna, Advocate for OL.
CORAM:
HON'BLE MS. JUSTICE JYOTI SINGH
JYOTI SINGH, J. (ORAL)
Co. Appl. No. 1087/2019
1. This application has been filed by the Official Liquidator Under
Section 481 of the Companies Act, 1956 (for short „the Act") read with Rule
9 of the Companies (Court) Rules, 1959 (for short "the Rules") praying that
M/s Core Organics Ltd. be finally dissolved and the Official Liquidator,
Delhi, be discharged as its Liquidator.
2. It is stated that M/S Core Organics Ltd. was ordered to be wound up
Provisionally by this Court vide its orders dated 05.12.2000 and finally was
wound up on 10.08.2004 and Official Liquidator attached to this Court was
appointed as Liquidator of the Company.
3. It is stated that Statement of Affairs have not been filed by the Ex-
Directors and criminal complaint filed under Section 454(5A) of the
Companies Act, 1956 bearing Crl. O. No.14/2003 was also disposed off vide
order dated 25.08.2004.
4. It is stated that the factory (Land and building and Plant and
Machinery) of the Company (in Liquidation) situated at B-2, B-3 bearing
No. D-22, Industrial Focal Point, Derabassi, Distt. Patiala (Punjab) was sold
for Rs. 3.12 crores vide order dated 02.02.2006 passed by this Court and
subsequently possession of the property was also handed over to Auction
Purchaser.
5. It is further stated that claims were invited by way of publication in
„The Punjab Kesari‟ (Hindi Edition) and „Tribune‟ (English Edition) on
12.07.2006.
6. It is stated that various claims were received including claims from
workmen. However, due to non-availability of particulars i.e. Bank details/
proper addresses, the admitted claim amount could not be disbursed to 10
Ex-workers. Therefore, the said admitted amount of Rs. 3,85,477/-
pertaining to 10 workers had been transferred to RBI under the head
"unclaimed dividend" on 30.08.2019. The said claims had been settled in the
following manner:-
NAME OF AMOUNT AMOUNT AMOUNT
CLAIMANT CLAIMED (In Rs.) ADMITTED (In DISBURSED
Rs.)
2,50,00,000/-
7,32,15,060/-
(Interim Payment)
IDBI (Ist Charge) 15,25,62,312 Under Section 529
and 39,58,770/-
A
on 06.02.2019
96,53,939/- (as a
Punjab and Sind 1. 96,53,939/- plus
Secured Creditor
Bank Interest
and IInd charge on
2. 4,63,47,570 /-
Immoveable Assets
and Ist Charge on
Moveable Assets.
3,08,374/- on
Employees
11.04.2019 as per
Provident Fund 8,10,763/- 3,08,374/-
court order dated
Organization
31.10.2018
Punjab Alkalies 12,46,546/- Plus
And Chemicals 19,69,752/- Interest @ 12% as
Limited Unsecured Creditors
The United
3,80,134/- as
Western Bank 3,80,134/-
Unsecured Creditors
Limited
5,44,511/- as
ESI Corporation 7,82,085/-
Unsecured Creditors
Punjab State
8.31 Lakh as
Industrial
187.64 Lakhs Unsecured
Development
Creditors
Corporation Ltd.
WORKERS
AMOUNT AMOUNT AMOUNT UNCLAIMED
CLAIMED ADMITTED DISBURSED
7 ,04,445/- 7 ,04,445/- 3,18,968/- 3,85,477/-
7. It is stated that as EPFO has requested to remit the an amount of Rs.
5,02,389/- out of the claimed amount of Rs. 8,10,763/- in accordance with the
provision contained under Section 11(2) of the EPF and MP Act, 1952.
However, EPFO claim was admitted for Rs.3,08,374/- which has been paid
and no appeal has been filed by the EPFO till date.
8. It is stated by the learned counsel for Official Liquidator that the
Official Liquidator has no further assets either moveable or immoveable from
which any further money could be realized for the Company. Since there is
no probability of realizing any further funds and no claims are pending,
therefore, no useful purpose would be served by keeping this matter pending.
It is thus stated that an amount of Rs. 3,48,001.03/- available may be
transferred to Common Pool after deduction of Liquidation Expenses
including Income Tax liability, Audit Fee, Govt. Commission etc. and
books of accounts of the Company (In Liquidation.) maintained by the office
of the Official Liquidator may be closed.
9. In view of the above facts and circumstances of this case, the
liquidation proceedings deserve to be brought to an end. Consequently, M/s
Core Organics Limited is dissolved. Official Liquidator is permitted to
transfer the amount lying with it in the Books of Accounts of the Company
(in Liquidation) maintained by the Official Liquidator to Common Pool after
deduction of Liquidation Expenses including Income Tax liability, Audit
Fee, Govt. Commission etc. and books of accounts of the Company (In
liquidation) maintained by the office of the Official Liquidator may be closed
as prayed.
10. The application is disposed of in the aforesaid terms.
CO.PET. 120/1996
11. A copy of this order be communicated to the Registrar of Companies
within 30 days by the Official Liquidator. The next date of hearing i.e.
11.12.2019 stands cancelled.
12. Official Liquidator is hereby discharged.
JYOTI SINGH, J
OCTOBER 16, 2019
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