COMPA/1605/2014 of M/s.Turbo Bharath Ltd.(In Liqn) Vs - on 31 December 2014

ORDER:

This application is filed by the Official Liquidator on behalf of M/s. Turbo Bharath Limited (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 inviting claims inRanga Reddy District editions of “Andhra Jyothi” & “IndianExpress” newspapers or any other newspapers.Ranga Reddy District editions of “Andhra Jyothi” & “IndianExpress” newspapers or any other newspapers.

(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 claims.adjudication 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 30.08.2010 made inC.P.No.151/2009 appointed Official Liquidator as its Liquidator forwinding up of M/s.Turbo Bharath Limited. During the course ofwinding up, the Official Liquidator has sold the assets of thecompany (In Liqn.) except land to an extent of 675 sq.yards with buildings situated at Plot No.3 & 6 in Sy.No.134, Seetharamnagar,R.K.Puram, Malkajgiri, Ranga Reddy District and realised the saleproceeds. After meeting the liquidation expenses, a sum ofRs.1,63,31,676/- is available to the credit of the company (in Liqn.)as on 10.12.2014. Considering the availability of funds to the creditof the company (In Liqn.), the Official Liquidator invited the claimsfrom the creditors of the Company (In Liqn.) pursuant to Section 528of the Companies Act, 1956 read with Rules 139,147, 148, 159, 160,163, 173 & 174 of the Companies (Court) Rules, 1959 by causing apaper publication of notice in “Andhra Jyothi” and “Indian Express”newspapers having circulation in Ranga Reddy District in FormNo.63, as the registered office of the company and factory premiseswas situated at Malkajgiri, Ranga Reddy District. Further, theOfficial Liquidator seeks permission of this Court for dispensation ofthe individual notices under Rule 148(2) of the Company (Court)Rules, 1959 as the statement of affairs filed by the Ex-Director didnot disclose 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

_____________________________

A. RAJASHEKER REDDY, J