COMPA/27/2022 of M/s. Manne Papers Ltd., (In Liqn) Vs The Deputy General Manager and another on 30 December 2022

IN THE HIGH COURT FOR THE STATE OF TELANGANAAT HYDERABAD

FRIDAY. THE THIRTIETH DAY OF DECEMBERTWO THOUSAND AND TWENryTWO

PRESENT

THE HONOURABLE SRI JUSTICE T.VINOD KUMARCOMPANY APPLIcATION NO. 27 0F 2022IN /AND

COMPANY PETITION NO:71 0F 2013ln the matter of the Compa nies Act, 1956Andln the matter of the Compa nies Act, 1956Andln the mafter of MManne Papers Ltd. [(] ln Lion)

COMPANY APPLICAT toN NO.27 0F 2022:

Between:

M/s. Manne P-apers Ltd., (ln Liqn), Rep. by its Officiat Liquidator Attached to the HighCourt for the State of Telangana

...APPLICANT

AND

1 . The Deputy General Manager Arjun Chemicals private Limited. CoroorativeOmce.Rovert V Chandran Tgw-er.2ro Floor, 149 Velachery Tambardm HighRoad, Pallikaranal, Chennai - 600 100.Omce.Rovert V Chandran Tgw-er.2ro Floor, 149 Velachery Tambardm HighRoad, Pallikaranal, Chennai - 600 100.

2. The Manager,. Syndicate Bank, Corporate Finance Branch, 6.3.666, FirstFloor, Lumbini Towers, Somajiguda, .Hyderabad - SOO OB2Floor, Lumbini Towers, Somajiguda, .Hyderabad - SOO OB2

...RESPONDENTS

--_^ _CoTp".Iry [Application ][Under ][Section ][4Bl ][& ][S5O ][of the ][Companies Act,]!.pSO $9ga [with ][Rule 9, ][281 ][& ][282 ][of,the ][Companies ][( Court ]) [nuds, ][rSSg ][foi]dlssolution of the Company praying that this Hon'ble cburt may be pl6ased to i. form an opinion that the Liquidator cannot proceed with the windingup and that it is just and reasonable in the circumstances of thecase to order for the dissolution of the companyform an opinion that the Liquidator cannot proceed with the windingup and that it is just and reasonable in the circumstances of thecase to order for the dissolution of the companyii. dispense with the service of notice on the Respondents herein asfficial Liquidator has atready sought No Objection Certificate fromall the Respondents above as detailed in para no.6 of affidavit.fficial Liquidator has atready sought No Objection Certificate fromall the Respondents above as detailed in para no.6 of affidavit.

per nil the Official Liquidator lo returll [ther ][irr ][tial ][expenses ][of]Rs ;25,000 to the [petitioner ][for winding ttp ][anc ][i't ][th3 event of ][the]pel ti()ner being not traceable the Oficial [L]'luicator ][may ][be]pe|nitted to transfer the said amount to [the ][Ccm ][lan ][es Liquidation],\<:;orrnt.

ha yearly accounts of the [company ][in ][liquidati(rn have been filed]rp to 31.03-2021 and Half [Yearly ][auditr-'d Ac(or-rnts ][for ][the ][period]|r<t't 01.O4.2O21 to 30.09.2021 and [01. ][10 202 ][1 ][to ][' ][4 ][-02.2022 ][arc]ce ng filed along with this application, [be ][taken ott ][re:ord.]di::rense with the auditing of [half ][yearly ][accf,rrnts ][for ][the ][period]frc n 01-04-2O21 to 30-09-2021 and [01 ]['10-202' ][lo ][14-02-2022 ][as]th( re are only few transactions.

dil [p€,nse ]with the filing of the [final/ ][anrrt ][a ][accoun(s ][of ][the]co nFrany in view of the filing of [the ][aucited,l ][lrraudited half ][yearly]ac :ornts regularly [in ]the company [in ][liqtridatio ][I]

dr: pr:nse with the [payment ]of Central [Goverttn'ent ][fee ][in ][view ][of]nc'r [,)xistence ]and non realization of [an)/ ][assel ][c' ][tho company]or ie- that M/s. Manne Papers Limited [be diss'>l',ed ][,vith ][effect ][from]th : r ate of the order.

vt

Pr rnrit the Official Liquidator to [transfer ][the ][b ][al,rnc<r ][amount ][to ][the]C,,rnpany's Liquidation Account, after [deduc.irrg ][the ][Liquidation /]in :rdental expenses, Auditor's fees an [etc.,]

tx

P rrrrit the Official Liquidator to dispose [of ][/ ][d',rstroy ][the ][books of]a( 3('unts and records of the companj' [any ][Tzty ][alter ][expiry ][of ][5](f ,/e) years from the date of order of the disso ution [of the company]p, ,rnrit the Official Liquidator to meet the [c( ]s. of this [application]a rd any other incidental expenses [be ][lnet ][fr( nr ][oul ][of ][the funds of]tl [rr ][,lompany ]to its credit; Xi

This Appl c.rtion coming on for orders ut,on [p(,rtrsin() ][the ][Judge's]summons and th ,r affidavil daled 22-02-2022 filed by [Srrrt ][\'. ][Szrntoshi ][Jagirdar,]Official Liqurdatc' [( ]ln - charge ) in support of [the Applicaliorr arrd ][upon ][hearing]the arguments; o Sri J. Srinadh [Reddy, ][learned ][Counsel for ][tt'e ][Cfficial ][Liquidator]on behalf of the \pclicant.

COMPANY PETITION NO. 71 OF 2013

Between:

M/s. Arjun chemicels Private Limited, Registered Office at Park View, Second Floor,No,94, G.N.Shetty Road, T.Nagar, CHENNAI - 600 017, Rep. by its authorizedperson Mr. P. Vasanthakumar, S/o Mr. P.S. Padmanabhan aged 71 Years Director -Arjun Chemicals Pvt. Ltd. Resident Of Chennaiperson Mr. P. Vasanthakumar, S/o Mr. P.S. Padmanabhan aged 71 Years Director -Arjun Chemicals Pvt. Ltd. Resident Of Chennai

...PETITIONER

AND

M/s. Manne Papers Limited,, Registered Office at 301,Veeru Castle, &3-9OO/9,Durga Nagar Colony, Hyderabad ,

...RESPONDENT

Company Petition Under Section 433 (e) of the Companies Act, 1956praying that this Hon'ble Court may be pleased to (a) Wind up the Respondent Company called M/s. Manne Papers Limited underthe provisions of Section 433(e) and other provisions of Companies Act, 1956the provisions of Section 433(e) and other provisions of Companies Act, 1956

(b) The official liquidator be appointed and directed to take possession of allassets, including the office/s and factory premises of the said company of the saidcompany together with Books of Accounts and all records forthwith,

(c) Costs of incidental expenses to the application be paid by the Company to thePetitioner and the same be added to the claim of the Petitioner, This company petition coming on for orders upon reading the Judge'ssummons and the affidavil daled ['12-11-2012 ]filed by P. Vasanthakumar Directorof the Petitioner Company in support of the company Petition and upon hearingthe arguments of M/s. B.P. Mohan, Advocate for the Petitioner andSri G. Vasantha Rayudu, Advocate for the Respondent.

The Court made the following: ORDER

,/

THE {oN'BLE SRI JUSTICE T. VINOD [KUMAR]

C( )MPAIII APPLICATION No.27 of 2o122IN ANDI )C)MPAIIY PETITION NO.71 OF 2OI3

ORDER

Tl-ris a1 p ication is filed under Sections 481 & 550 of lheCompanies; n.;t, 1956 (for short'the Act'J [read ]with [R.tles ][9, ][281,]and 28,1 of tl e Companies [(Court) ]Rules, [195!).]

2. Thc r: icfs sought for in the present appli(:a liort arc [as]follorvs:

rrrn an opinion that the Liquidator cannot pro(e( I \r'th theinding up and that it is [just ]and reasor al)[c n [the]r( unrstances of the case to order for tle diss< lu ion of thelrrpany;lslensc wrth the service of notice on the R:spond,:nts hercin [as])ttcial Liquidator has already sought No Obje(titr Oer tilicatc:cn :rll the respondents above as detailec in pala [\,1().6 ]of thcflidavit.

I

,ermit the Offlcial Liquidator to return tte initi€l:xpe-rses of.ls 25,OOO/ to the petitioner for winding u-r, and rn 'he tvcnt o[hr p(:titioner l)eing not traceable, the Off,cLal [Liqu ][id: ][tor ][may ][be])er mitted to transfer the said amount to ,})e Conrpanics,rc ui(lation Account;hr p(:titioner l)eing not traceable, the Off,cLal [Liqu ][id: ][tor ][may ][be])er mitted to transfer the said amount to ,})e Conrpanics,rc ui(lation Account;

r;L f I early accounts of the company in liquidatiorr ha.'c beenil(d up to 31.03.2021 and Half Yearly auc.ited Ac.o,rnts [for ][thc])(-iod from ol.O4.2O2l to 3O.O9.2O22 and [(t1 ]10.2021 xri4.O2.2022 are being filcd along with this applir:etron. be tak(n>n record:

rlir,pense with the auditmg of Half Yearly a:counts firr th,: period'rcm [01.04.2021 ][to ][30.09.2021 ][and 01.1().202t ][.o ][14.()2.2022]r.i th,.re aIe orrly few transactions; 1r;pcnse with the flrng of Annual/frnal ac(ounrs [(f ]hc cfmpanyrn vrew of thc filing of the audited/u lauditel Hall YearlyA( counts regularly in the company in tiqui<lation; vlldrJpense with thc payment of Central Gov:mmcnL l,:c lt [view ]olnr n cxistence and non realization of any as.sets c,f th( coropan].Ilorder that M/'s. Manne Papers Limited b': dissclverl u'i h effcctlr, )m the datc of lhe o.der.

lX.Permit the o{Iicial Liquidator to transfer [the ][balance ][amount ][to]the Company's Liquidation Account, [after ][deducting ][the]Liquidation/incidental expenses. Auditor's fee and [etc.]the Company's Liquidation Account, [after ][deducting ][the]Liquidation/incidental expenses. Auditor's fee and [etc.]

x.Permit the Official Liquidator to dispose of/destroy [the ][books of]accounts and records of the company [and day after expiry of ][5](nvel years from t}Ie date of order of the dissolution of [the]company;accounts and records of the company [and day after expiry of ][5](nvel years from t}Ie date of order of the dissolution of [the]company; xt.Permit the Ollicial Liquidator [to ][meet ][the cost ][of ][tltis ][application]and any other incidental [exp€nses ][be met ][from out of the funds]of the company to its credit.and any other incidental [exp€nses ][be met ][from out of the funds]of the company to its credit.

3. Heard Sri J. Sreenadh [Reddy, ][learned Counsel ][for ][the]Official Liquidator, and [perused ][the ][statement ][of affairs ][of ][the]company in liquidation and [otler ][material ][as ][evidenced ][by]Annexures A to G and also [the affidavit ][dt-22.O2.2O22 ][irled ][by]Smt. V. Santosh Jagirdar, [Ofhcial ][Liquidator.]

4. The Oflicial Liquidator [has ][frled Annexure-A ][to ][G ][along]with the allidavit.

5. The circumstances relevant [for ][disposal ][of ][this]Application are as follows:

This Court, by order by order order [[dated 27.04'2O15 ]][[in ][CP'No'71 ][of]][[CP'No'71 ][of]][[of]]

6. This Court, by order by order order [[dated 27.04'2O15 ]][[in ][CP'No'71 ][of]][[CP'No'71 ][of]][[of]]2013, ordered winding [up of M/s ][Manne ][Papers ][Limited](company in liquidation).

7 . As per the aflidavit [of ][the Offrcial ][Liquidator, ][as ][on ][date' ][the]is [having ][an ][amount ][of ][Rs'33,16O/-]Company-in-liquidation only to its credit; that as [per ][the ][records, ][no ][cases ][are ][pending]

in any Court s [i ][-t][ respect ][of ][the ][Company-in'iiqurc ][a ][-ior'; ][and]that no [futl ][l- ][r:r]affairs are [to ][be ][pursued ][by ][thr: ][Official]Liquidator.8. Thrrs, [1. ][re] Official [Liquidator ][sought ][for ][perrr'ission ][for]dissolution oi [tlre ][Company-in-liquidation; ][to ][refund ][a ][l;um ][of]Rs.25,000/ [1-o ][the ][respondent ][viz', ][CorrLpany ][PetLtioner']depositerl [tou rrds ][initial ][expenses; ][and ][to ][de'losit ][/ ][transrfer the]balance avai [rrlrle ][amoLlnt ][of ][Rs'8,16O/- ][t() the ][llonlpany's]Liquidation [t ][rlcoLlnt ][with the ][RBI ][as ][required ][ullcrer ]555(l) of thc [\ct ][read ][with ][Rule ][283 of the ][Ru es afle:: ][deducting]the liqurda:ir; [rr ][incidenurl ][expenses, ][auditors'fee ][et':']

g. Havin-e r:gard [to the ][statement ][of ][the ][Ofhcia' ][Li<luidator]as above zrn': [crnsidering ][the fact ][that ][the ][winding ][u1: ][ol ][der ][was]passed in l)re [year 2015, ][i.e, ][more ][than ][six ][ye'rrs ][ago ][have]already [prls ][erl, there ][appears ][to ][be ][no further ][a ][ffai ][rs ][to ][be]pursucd L1' h: Official [Liquidator ][in ][winding ][up ][ol ][t ][-te ][r)ompany]in liquidal.io [t.]

g . In rie [,,v ]of the [above ][circumstances, ][no ][u ][st: ][ful ][purpose]would bc [r ]etved [in ][continuing ][the ][winding ][u: ][proceedings]withotrt dis [,o ][ving ][the ][comPanY]would bc [r ]etved [in ][continuing ][the ][winding ][u: ][proceedings]withotrt dis [,o ][ving ][the ][comPanY]

I

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10. Therefore, the Company Application is allowed. TheOffircial Liquidator shall transfer the amount of Rs.8,16O/- tothe Company's Liquidation Account with the Reserve Bank ofIndia after refunding a sum of Rs.25,O0O/- to the respondent(company petitioner). [n the event the respondent (companypetitioner) is not traceable the Official Liquidator is furtherpermitted to transfer the said amount to Company liquidationaccount along with balance amount.

1 1 Consequently, C.P. No.71 of 2O13, is closed. The OffrcialLiquidator shall forward the certified copy of this order to theRegistrar of the Companies along with statement signed by theOfficial Liquidator, as mandated under Rule 282 of th,eCompanies (Court) Rules, 1959. sd/€.V. MALLTKAR+UJSYffi sd/€.V. MALLTKAR+UJSYffi GD

//TRUE COPY//

sEcTtoN oFFtcER

To

1. The Official Liquidator, M/s. Manne Papers Limited, ( ln Liqn)High Court at Hyderabad for the state of Telangana Office at lstfloorCorporate Bhawan, Nagole, Bandlaguda Thattiannaram VillageHayathnagar Mandal, Ranga Reddy District Telangana State Pin Code500 680.High Court at Hyderabad for the state of Telangana Office at lstfloorCorporate Bhawan, Nagole, Bandlaguda Thattiannaram VillageHayathnagar Mandal, Ranga Reddy District Telangana State Pin Code500 680.

2. The Registrar of Companies, Ministry of Corporate Affairs, Government oflndia 2d floor Corporate Bhawan, Nagole, Bandlaguda, ThattiannaramVillage Hayathnagar Mandal, Ranga Reddy District, Telangana StatePin Code 500 680.lndia 2d floor Corporate Bhawan, Nagole, Bandlaguda, ThattiannaramVillage Hayathnagar Mandal, Ranga Reddy District, Telangana StatePin Code 500 680.

3. The Regional Director, South Eastein Region, Ministry of CorporateAffairs, 3d Floor Corporate Bhavan, Nagole, Bandlaguda, ThattiannaramVillage, Hayathnagar Mandal, Ranga Reddy District, Telangana State500680Affairs, 3d Floor Corporate Bhavan, Nagole, Bandlaguda, ThattiannaramVillage, Hayathnagar Mandal, Ranga Reddy District, Telangana State500680

4. The Section Officer, O.S. Section, High Court for the State of Telangana5. One CC to SRl. J. SRINADHA REDDY, Counsel for Official Liquidator,High Court at Hyderabad.5. One CC to SRl. J. SRINADHA REDDY, Counsel for Official Liquidator,High Court at Hyderabad.

6. Two C.D.Copies

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HIGH GOUITT

DATED:30t1212022

ORDER

.',1t,; :lf q;'+.?lIIE [j\j[ ][?tn]I\,tIi'

COMPAN\ APPLICATIONNo.2T of 202:.r-IN/ANDCOMPAN\ PETITION NO.71 OF 2013

ALLOW!N 3 THE COMPANY APPLICA'I'IIC]\I.AND

CLOSING THE COMPANY PETITION NO. 7'1OF 2013

(y