Telangana High Court
COMPA/1541/2010 of M/S. UPLANDS FINANCE AND CHIT FUNDS (P) LIMITED (IN LIQN.) Vs - on 29 December 2010
Ms. JUSTICE G. ROHINI COMPANY APPLICATION No. 1541 OF 2010 Date: 29.12.2010 Between: M/s. Uplands Finance & Chit Funds (P) Limited, Rep., by the Official Liquidator … Applicant THE HON’BLE Ms. JUSTICE G. ROHINI COMPANY APPLICATION No. 1541 of 2010 O R D E R : The
THE HON’BLE Ms. JUSTICE G. ROHINI
COMPANY APPLICATION No. 1541 OF 2010
Date: 29.12.2010
Between:
M/s. Uplands Finance & Chit Funds (P) Limited, Rep., by the Official Liquidator … Applicant THE HON’BLE Ms. JUSTICE G. ROHINI
COMPANY APPLICATION No. 1541 of 2010
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O R D E R :
The Official Liquidator attached to this Court representing M/s.Uplands Finance & Chit Funds (P) Limited, the company in provisionalliquidation filed this application under Sections 457 (1) (e) read with528, 529, 529A and 530 of the Companies Act, 1956 and Rules 149and 9 of the Companies (Court) Rules, 1959 seeking permission toinvite the claims against the company in liquidation from the creditorsand publication of advertisement inviting claims in the daily newspapers.
I have heard Sri M.Anil Kumar, learned counsel appearing for theOfficial Liquidator.
The material available on record shows that by order dated11.06.2002 made in Company Petition No.38 of 2002, this Courtappointed Official Liquidator attached to this Court as the provisionalliquidator of M/s. Uplands Finance & Chit Funds (P) Limited. Thereafter, in terms of the order dated 02.09.2003, in C.A.No.4 of2003, the assets of the company were taken possession and themovable properties were sold and it is stated that a sum ofRs.12,57,214.48 ps. is lying to the credit of the company in liquidation. So as to quantify the claims of the company in liquidation underSections 457(1) (e) read with 528, 529, 529A and 530 of theCompanies Act, 1956, the present application has been filed to permitthe Official Liquidator to invite the claims by publishing the notice inthe news papers.
Having regard to the facts and circumstances noticed above, theOfficial Liquidator is hereby permitted to invite claims against the company in liquidation by publishing a notice in the daily news papersof Andhra Jyothi and Indian Express in circulation at Hyderabad andVisakhapatnam Districts. The publication charges shall be paid fromthe funds of the company in liquidation lying with the secured creditors. The Company Application is accordingly disposed of. No costs.
Date: 29.12.2010KLP
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G. ROHINI, J