Delhi High Court
Natraj Sales vs Telco Water Technology Pvt Ltd on 23 October, 2019
$~C-28
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of decision: 23.10.2019
+ CO.PET. 383/2011
NATRAJ SALES ..... Petitioner
Through:
versus
TELCO WATER TECHNOLOGY PVT LTD ..... Respondent
Through: Mr. Rishi Manchanda, Advocate for
OL.
CORAM:
HON'BLE MS. JUSTICE JYOTI SINGH
JYOTI SINGH, J. (ORAL)
Co. Appl. No. 1110/2019 (U/S 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 Companies
(Court) Rules, 1959, praying therein that the Company, Telco Water
Technology Pvt. Ltd. (in Provisional Liquidation) be dissolved and the
Official Liquidator be discharged as its Liquidator.
2. It is stated that the Official Liquidator was appointed as the
Provisional Liquidator vide order dated 04.04.2013 for the Company, Telco
Water Technology Pvt. Ltd. hereinafter referred to as "the Company (in
Provisional Liquidation)" and the citation was published in the daily
newspapers, "Statesman", English edition and "Veer Arjun", Hindi edition
on 26.09.2014 and also in the Official Gazette of the Delhi Government on
11.02.2015.
3. It is stated in the said application that the possession of the registered
office of the Company (in Provisional Liquidation) was situated at C-28,
IInd Floor, Janak Cinema Complex, JanakPuri, New Delhi, and it was found
to have been taken on rent. The Company (in Provisional Liquidation) had
already vacated the premises on 14.03.2013, therefore, the team from the
office of the Official Liquidator could not take possession of the registered
office.
4. None of the Ex-Directors filed the Statement of Affairs or handed over
the assets/records of the Company (in Provisional Liquidation). Accordingly,
in terms of the order dated 12.11.2013, a Criminal Complaint under section
454 (5) of the Companies Act 1956, bearing Crl. O. No. 08/2014 was filed
against the Ex-Directors, for initiating criminal proceedings.
5. As per the records maintained by the Office of the Official Liquidator,
the copy of the Balance Sheet as on 31.03.2007 is available and from the
said Balance Sheet, it has been noticed that the Company (in Provisional
Liquidation) was having the following assets:
SR. NO PARTICULARS NET BLOCK AS
ON 31/03/2017
1. Air Conditioners 27,394.00
2. Computer 27,534.25
3. Fridge 5,828.51
4. Furniture 24,840.45
5. Office Equipment 33409.45
6. Tools 27,879.69
Total :- 1,46,886.34
6. Besides the above, the Company (in Provisional Liquidation) also had
an inventory for the sum of Rs.61,800/-, Sundry Debtors for the sum of
Rs.1,17,406/- and Cash/ Bank Balance of Rs.12,633.62/-.
7. It is further stated that both the Ex-Directors were required to be put to
public examination and in this regard notices were issued to Shri Rishi
Yadav, through the Superintendent, Central Jail, Ajmer and Shri Tej Singh
Yadav at addresses available on the records. In terms of this Court's order
dated 19.03.2014, the Superintendent of Patiala Jail produced Shri Rishi
Yadav, one of the Ex-Directors before the Official Liquidator on 03.04.2014
and his statement under Rule 130 of the Companies (Court) Rules, 1959 was
recorded. During the course of the Statement, he stated that there were no
assets in the Company (in Provisional Liquidation) and the records of the
Company (in Provisional Liquidation) were lying in the registered office till
the date of his arrest i.e 24.11.2013. However, no records could be obtained
from the said registered office and the said statement is not correct as the
landlord of the premises, namely Shri R.S. Johar, provided copy of vacation
letter/certificate issued by the said Shri Rishi Yadav, thereby confirming that
the vacant possession of the premises was handed over to the owner/
landlord by Shri Rishi Yadav. Hence, Shri Rishi Yadav has tried to mislead
this Court as well as the Official Liquidator.
8. It is further stated that the Official Liquidator has no asset either
moveable or immoveable from which any money can be realized for the
Company (in Provisional Liquidation).
9. I have heard learned counsel for the Official Liquidator.
10. In the case of Meghal Homes (P) Ltd Vs Shree Niwas Girni
K.K. Samiti and Ors., 2007 (7) SCC 753, the Hon'ble Supreme Court of
India, 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".
11. In view of the above decision of the Hon'ble Supreme Court of India
and the facts and circumstances of this case, the liquidation proceedings
deserve to be brought to an end. Consequently, the Official Liquidator is
permitted to transfer Rs.3400/- to the Common Pool Fund and to close the
books of accounts. The Company, Telco Water Technology Pvt. Ltd. is
accordingly dissolved.
12. The application is allowed in the aforesaid terms.
CO.PET. 383/2011
13. A copy of this order be communicated to the Registrar of Companies
within thirty days by the Official Liquidator.
14. Official Liquidator is hereby discharged.
15. The petition stands disposed of.
JYOTI SINGH, J
OCTOBER 23, 2019
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