Full Judgment Text
$~37
*IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.PET. 380/2002 & C.A No. 2817/2014
IN THE MATTER OF
M/S USHA NETWORK SYSTEM LIMITE ...Petitioner
Through: Mr. Kanwal Chaudhary,
Advocate on behalf of
Official Liquidator.
CORAM:
HON'BLE MR. JUSTICE SANJEEV SACHDEVA
O R D E R
% 04.12.2014
C.A No. 2817/2014 (application under section 481 of
Companies Act, 1956)
1. This application has been filed by the Official
Liquidator under section 481 of the Companies Act,
1956 (“Act”) read with Rule 9 of the Company court
Rules, 1965 praying that M/s Usha Network System
Limited (In Liquidation) be finally dissolved and the
Official Liquidator be discharged as its liquidation.
2. It is stated that M/s Usha Network System Limited was
ordered to be provisionally wound up by order dated
03.04.2003 and finally on 11.08.2004, the Official
Liquidator attached to this Court was appointed as the
Official Liquidator of the Company.
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CO.PET. 380/2002 1
3. On 02.02.2004, 30.01.2004 and 30.01.2004 citations
were published in “Statesman” (English), “Veer Arjun”
(Hindi) and Delhi Gazette. The Official Liquidator took
over the possession of the property of the Company
situated at Chambaghat, Solan (HP). The assets of the
company were sold for Rs.50,00,000/-.
4. As per orders dated 24.11.2009, the Official Liquidator
paid first dividend to secured creditors namely State
Bank of Patiala for Rs. 47,00,000/- 07.04.2010 and
Rs.6,00,000/- on 31.01.2014.
5. The Official Liquidator has filed the present application
under section 481 of the Companies Act, 1956 for
dissolution of the company and has sought permission to
close the books of the Company after transferring the
balance amount of Rs.15,504/- to the Common Pool.
6. It is stated by the learned counsel for the official
Liquidator that the Official Liquidator has no further
asset either moveable or immoveable from which any
money may be realized for the company. It is further
submitted that there is no possibility of realising any
further funds and no claims have been received,
therefore, no useful purpose would be served by keeping
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CO.PET. 380/2002 2
this matter pending. Rather, the same would be
counterproductive.
7. In the case of M EGHAL H OMES (P) L TD . V S . S HREE
N IWAS G IRNI K.K.S AMITI & O RS . , (2007) 7SCC 753 ,
the Supreme Court, 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”.
8. In view of the above decision of the Supreme Court and
the facts and circumstances of this case, the liquidation
proceeding deserve to be brought to an end.
Consequently, M/s Usha Network System Limited is
dissolved.
9. Book of the company M/s Usha Network System
Limited are permitted to be closed by the Official
Liquidator is discharged as its Liquidator.
10. The Official Liquidator is entitled to deduct not only its
expenses but also Government Commission, etc out of
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CO.PET. 380/2002 3
the funds available in the account of the company. The
Official Liquidator is permitted to transfer Rs. 15,504/-
to the common pool fund of the Official Liquidator
towards the liquidation expenses, audit fee, Income Tax,
Government commission, if any.
11. A copy of the order be communicated to the Registrar of
Companies within 30 days by the Official Liquidator.
12. The Application is, accordingly, allowed and disposed
of.
13. No further orders are called for in the present petition,
which also stands disposed of.
SANJEEV SACHDEVA, J
DECEMBER 04, 2014
sv
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CO.PET. 380/2002 4