A single bench of the Justice Bhargav D. Karia allowed the prayer of official liquidator for payment of the advertisement bill of Rs.63,045/- and Rs.1,33,434/- of M/s.Global Network Advertising from Common Pool Fund Account of various Companies (in liquidation) as out of who have to pay the advertisement expensed only had paid till now.
Facts:
The Official Liquidator by this report has prayed for payment of the advertisement bill of Rs.63,045/- and Rs.1,33,434/- of M/s.Global Network Advertising from Common Pool Fund Account of various Companies (in liquidation) as maintained by the Office of the Official Liquidator subject to adjustment against the realisation of the amount from the sale of the assets of the Companies (in liquidation). Learned advocate Mr.Thacker for the Official Liquidator submitted that this Court by order dated 23.11.2021 passed in Official Liquidator Report No.117 of 2021 permitted the Official Liquidator to publish advertisement of petition under Rule 24 of the Companies (Court) Rules, 1959 (for short ‘the Rules’) in the newspapers namely “Divya Bhaskar” and “Indian Express”, both in Vadodara editions. It was further provided in the said order to invite claim by giving advertisement pursuant to Rule 147/148 of the Rules from secured creditors, workmen, unsecured creditors and other stake holders under Sections 529A and 530 of the Companies Act, 1956.
The Official Liquidator pursuant to the aforesaid order, by letters dated 17.12.2021 and 27.01.2022 requested the nine petitioners to deposit the advertisement expenses. Out of nine petitioners, only two petitioners deposited an amount of Rs.60,000/- and two envelopes returned back undelivered with the postal remark left. The Official Liquidator thereafter published advertisement of the petition as directed by the Court on 20.12.2021 and 30.12.2021 respectively.
Observations of the Court:
The court observed that the Official Liquidator has received the bills from the advertising agency M/s.Global Network Advertising which are placed on record of this application at Annexures “F” and “G” for the amount of Rs.63,045/- and Rs.1,33,434/- respectively. He is having fund of Rs.1,20,000/- to meet with the advertising expenses of the total advertisement expenses of Rs.1,96,479/-. Therefore, the Official Liquidator is permitted to utilise the amount of Rs.1,20,000/- for the payment to the advertising agency pursuant to the remaining amount to be paid from the Common Pool Fund Account maintained by the Office of the Official Liquidator.
Decision:
The petition to utilise the fund from the common pool fund account for meeting the advertisement expenditure is allowed and disposed of.
Case: OFFICIAL LIQUIDATOR OF M/S APEX ELECTRICALS LTD (IN LIQN.) vs NA
Citation: R/COMPANY PETITION NO. 112 of 2002
Coram: Justice Bhargav D. Karia
Dated: 10.11.2022
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