Ol Of M/S Mangal Krupa ... vs Bank Of Maharashtra, Asset ...
2021 Latest Caselaw 17235 Guj

      C/OLR/118/2021                                    ORDER DATED: 16/11/2021



            IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

             R/OFFICIAL LIQUDATOR REPORT NO. 118 of 2021
                                 In
                   R/COMPANY PETITION NO. 60 of 1994
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     OL OF M/S MANGAL KRUPA CONSTRUCTION PVT. LTD. (IN LIQN)
                             Versus
         BANK OF MAHARASHTRA, ASSET RECOVERY BRANCH
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Appearance:
MR PATHIK M ACHARYA(3520) for the Applicant(s) No. 1
MR BHARGAV HASURKAR(5640) for the Respondent(s) No. 1
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 CORAM:HONOURABLE MR. JUSTICE BHARGAV D. KARIA

                               Date : 16/11/2021
                                ORAL ORDER

Heard learned advocate Mr.Pratik M. Acharya for the applicant and learned advocate Mr.Bhargav Hasurkar for the respondent.

1. By this report under section 481 of the Companies Act, 1956, the official Liquidator has prayed for dissolution of the company, named, Mangal Krupa Construction Private Limited(in Liquidation), which was ordered to be wound up vide order dated 23.12.1999 passed in Company Petition no. 60 of 1994.

2. It is stated in the report that consequent upon winding up order passed by this Hon'ble Court, the Official Liquidator deputed his Official at the Office of Registrar of Companies, Gujarat, Ahmedabad to inspect the records of the said company maintained by the office of the

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Registrar of Companies, Gujarat to find out the assets and properties, liabilities, address of Registered Office, factory premises, Secured Creditors, and names and addresses of the Directors, as on the date of winding-up order.

3. The Official Liquidator, on being appointed, has caused search before the office of the Registrar of Companies ('ROC'), wherein it was revealed that the registered office was situated at "Marut Nandan", Pritamnagar, Nr. V.S.Hospital, Near Avadesh House, Ellis Bridge, Ahmedabad. Official liquidator also submitted that there was only one secured creditor of the company as per the ROC records; i.e. Bank of Maharashtra. It was also noticed that Bank of Maharashtra had taken action under Recovery of Debts and Bankruptcy Act, 1993 before DRT -- 1 at Ahmedabad which was numbered as O.A. (T.A) No. 1345/1992 and R.P.No 1626 in which the Bank of Maharashtra, Maninagar, Ahmedabad had made M/s Managal Krupa Construction Pvt. Ltd (In Liquidation) a party respondent for participating in the settlement of the terms of proclamation and to bring to the notice of the Recovery Officer of DRT-I regarding the encumbrances, charges, claims or liabilities attached to the property mentioned in the notice i.e. Immovable property piece being parcel of land situated at R.S No. 101-C, Rakhial admeasuring 3970 sq. meters. with construction

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thereon known as "Rajlaxmi Complex.

4. This Court had issued a notice in the present Official Liquidator Report to the Bank of Maharashtra and Bank of Maharashtra has filed its reply to the Report and submitted that Bank is not having any mortgaged at the present over the property of the Company in liquidation and is not having knowledge of any other details of other movable / immovable assets/ bank details/ other bank accounts of the Borrower M/s Mangal Krupa Constructions Private Limited (In Liquidation). The learned advocate for the Bank of Maharashtra submitted that Bank has no objection if company under liquidation is dissolved by this court.

5. The Official Liquidator has also stated that there is no balance available in the Company's Bank Account and also and no assets of the Company in liquidation is available to liquidate with the official liquidator. It is further stated in the report that there was no claim other than mentioned by the Bank of Maharashtra is pending with the Official Liquidator for the company in liquidation. It is also stated by the Official Liquidator that no further information/details of the company is available and therefore the Official Liquidator has proposesd for dissolution of the company in

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liquidation.

6. The Official Liquidator, relying upon the provisions of Section 481 of the Act, has contended that it is not possible to proceed with the winding up for want of fund and assets. Relying upon the judgment of the Hon'ble Apex Court in the case of Meghal Homes Pvt. Ltd. Vs. Shree Niwas Girni K.K. Samiti, reported in (2007) 7 SCC 753, it is contended by the Official Liquidator that this Court may pass appropriate order of dissolution of the Company in liquidation.

7. It is also stated by the Official Liquidator that prior to dissolution of the company, the Official Liquidator vide letter dated 08.05.2019 addressed to the Ex-Directors of the company informed that the Official Liquidator proposes to dissolve the said company inviting objection if any, however the said letters were returned by the Postal Department to the office of Official liquidator as the remark "left". Official Liquidator also issued letters to the Income tax department, ROC and all secured creditors of the company on 8.05.2019 for furnishing no objection for dissolution of the Company in liquidation. ROC vide its letter dated 26.07.2019 informed that there is no objection if the company is dissolved. The Official Liquidator has also

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further averred that half yearly statement of accounts of the Company in liquidation has already been filed before this Court as provided under Rule 298 of the Companies (Court) Rules, 1959. It is further contended that in these circumstances, it is not possible for the Official Liquidator to further carry out the proceedings of winding up. The Official Liquidator has also contended that even after the order of dissolution that may be passed by this Court as provided under Section 559 of the Companies Act, 1956 the period of 2 years is available for anybody to raise the objection and file an appropriate proceedings before this Court.

8. The Official Liquidator, relying upon the auditor's certificate dated 10.08.2019 issued by M/s. Shah Dinesh Dahyalal & Associates, Chartered Accountants and Auditors has contended that no Bank Balance is available in the Bank Account of the Company in liquidation. Moreover, no asset of the Company in liquidation is available. In light of the aforesaid, it was submitted that the report may be accepted and appropriate order of dissolution of the Company in liquidation may be passed as prayed for.

9. Having heard the learned advocate for the Official Liquidator and on perusal of the record

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of this report and in the facts of this case and considering the ratio laid down by the Hon'ble Apex Court in the case of Meghal Homes Pvt. Ltd. (supra), the report deserves to be accepted. The Company, named, Mangal Krupa Construction Pvt. Ltd (In Liqn.) is hereby dissolved under Section 481 of the Act and the Official Liquidator attached to this Court stands discharged and is relieved as liquidator of Mangal Krupa Construction Pvt. Ltd (In Liqn.). The official liquidator is also permitted to pay Rs. 1500/towards professional fees to M/s. Shah Dinesh Dahyalal & Associates, Chartered Accountants for service of issuing Balance Certificate, from the Common Pool Fund Account maintained by the office of Official Liquidator.

In case of any difficulty, affected party, if aggrieved by this order, may apply for reviewing the same under per the provisions of Section 559 of the Companies Act, 1956.

Accordingly, the report is allowed in the aforesaid terms.

(BHARGAV D. KARIA, J) PALAK