Telangana High Court
COMPA/1609/2014 of M/S. RAGHU FABRICS (P) LTD.(In Liqn.) Vs - on 31 December 2014
A . RAJASHEKER REDDY COMPANY APPLICATION NO.1609 of 2014 IN R.C.C. NO. 2 OF 2003 ORDER: This application is filed by the Official Liquidator on behalf of M/s. Raghu Fabrics (P) Ltd (In Liqn.) for the following reliefs: (i) to permit him to invite the claims against the company(In Liqn.) from
HON’BLE SRI JUSTICE A. RAJASHEKER REDDYCOMPANY APPLICATION NO.1609 of 2014INR.C.C. NO. 2 OF 2003
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ORDER:
This application is filed by the Official Liquidator on behalf of M/s. Raghu Fabrics (P) Ltd (In Liqn.) for the following reliefs:
(i) to permit him to invite the claims against the company(InLiqn.) from the creditors of the company (In Liqn.) underSection 528 of the Companies Act, 1956 read with Rules139, 147, 148, 159, 160, 163, 173 and 174 of theCompanies (Court) Rules, 1959Liqn.) from the creditors of the company (In Liqn.) underSection 528 of the Companies Act, 1956 read with Rules139, 147, 148, 159, 160, 163, 173 and 174 of theCompanies (Court) Rules, 1959
(ii) to permit him to advertise the notice to invite the claimsin the daily newspapers of “Andhra Jyothi” & “IndianExpress” or any other newspapers having circulation inKrishna District Editions of Andhra Pradesh State.in the daily newspapers of “Andhra Jyothi” & “IndianExpress” or any other newspapers having circulation inKrishna District Editions of Andhra Pradesh State.
(iii) to permit him to incur necessary advertisement chargesfrom and out of the available funds of the company (InLiqn.)from and out of the available funds of the company (InLiqn.)
(iv) to permit him to dispense with the issuance of notices tothe creditors as per Rule 148(2) of the Companies (Court)Rules, 1959.the creditors as per Rule 148(2) of the Companies (Court)Rules, 1959.
(v) to permit him to exercise all the powers required foradjudication of claimsadjudication of claims
(vi) to order that the costs of this application do come out ofthe assets of the Company (In Liqn.)the assets of the Company (In Liqn.)
In support of this application, the Official Liquidator filed anaffidavit stating that this Court vide order dated 23.03.2006 made inR.C.C.No.2/2003 appointed Official Liquidator as its Liquidator forwinding up of M/s.Raghu Fabrics (P) Limited. During the course ofwinding up, the Official Liquidator has sold the assets of the company (In Liqn.) and realised sale proceeds. After meeting theliquidation expenses, a sum of Rs.79.41 lakhs is available in thecredit of the company (in Liqn.) as on 11.12.2014. Considering theavailability of funds to the credit of the company (In Liqn.), theOfficial Liquidator invited the claims from the creditors of theCompany (In Liqn.) pursuant to Section 528 of the Companies Act,1956 read with Rules 139,147, 148, 159, 160, 163, 173 & 174 of theCompanies (Court) Rules, 1959 by causing a paper publication ofnotice in two daily newspapers (Telugu and English) havingcirculation in Krishna District Editions in Form No.63 as theregistered office of the company was situated at BhimavaramVillage, Vatsavai Mandal, Krishna District. Further, the OfficialLiquidator seeks permission of this Court for dispensation of theindividual notices under Rule 148(2) of the Company (Court) Rules,1959 as the statement of affairs filed by the Ex-Director did notdisclose the same.
Heard learned counsel for the Official Liquidator.
Having heard the learned counsel for the Official Liquidatorand in view of the facts and circumstances stated in the affidavit, theOfficial Liquidator is directed to issue individual notices to thecreditors wherever the addresses are available in the statement ofaffairs.
Accordingly, this application is allowed.
Date: 31-12-2014dv
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A. RAJASHEKER REDDY, J