CMP/12/1961 of M/S.LAXMI INVESTMENT CO.PVT.LTD. Vs on 12 February 1962

IN THE HIGH COURT OF JUDICATURE AT BOMBAYNAGPUR BENCH : NAGPUR

COMPANY PETITION NO.12/1961

In the matter of Laxmi Investment Company Pvt. Ltd. (In Liqn.)

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Office Notes, Office Memoranda of Coram, Court's or Judge's ordersappearances, Court's orders of directionsand Registrar's orders

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Mr. S. Deshpande, Advocate for Official Liquidator.Mr. D. Parsoya, Official Liquidator.

CORAM :ANIL L. PANSARE, J.DATE :APRIL 25, 2025

Heard.

2. The Laxmi Investment Company Private Limited, which isa company under liquidation, was incorporated on 29.12.1944 underthe provisions of the Indian Companies Act VII of 1913 as a publiccompany limited by shares.

3. The Official Liquidator appointed for Laxmi Bank Pvt. Ltd.,filed proceedings for winding up of the company under liquidationviz. Laxmi Investment Company Pvt. Ltd. on the count that fivecheques for aggregate sum of Rs.2,39,000/- were issued by thecompany in favour of M/s. National Commercial Corporation Pvt.Ltd. The company was holding account with petitioner bank (whichis also in liquidation). It appears that the company was not havingsufficient funds. The petitioner bank, however, cleared the chequeson the assurance given by the company to pay back the sum. Thus, ina way, the Over Draft facility was extended by the petitioner bank tothe company under liquidation who failed to deposit the aforesaidamount and accordingly present petition came to be filed.

4. Having heard Mr. Shrinivas Deshpande, learned counselfor the Official Liquidator, the status of the company is such that, toits credit an amount of Rs.6,00,000/- approximately is lying. Thereare no assets nor is there any liability except for payment to the Kahale petitioner - the Laxmi Bank Ltd. Accordingly the Official Liquidatorhas proposed dissolution of the company. 5.The request being in tune with the provisions of theCompanies Act, 1956 (for short the, “Act of 1956”), it is accepted. Asstated above, the amount lying to the credit of the company is aboutRs.6,00,000/-. The amount payable to the petitioner is Rs.2,39,000/-.There are no other creditors. The amount be paid to the petitioner, inaccordance with the provisions of the Act of 1956, including interest,if any, after deducting the administrative and other ancillary charges.Since there is no other creditor, nothing survives in the petition. Theaffairs of the company, thus, stands completely wound up.

6. In view thereof, company namely, the Laxmi InvestmentCompany Pvt. Ltd. stands dissolved in terms of Section 481 (1) of theAct of 1956. The Official Liquidator shall forward copy of the orderto the Registrar of Companies in terms of Sections 481 (2) of the Actof 1956.

7. The petition is disposed of in the above terms.

(Anil L. Pansare, J.)