RCC/2/1994 of REFERRED BY BIFR Vs M/S GODAVARI SWEETNERS LTD on 12 December 1996

ORDER:

This application is filed under Section 481 of the Companies Act,1956 (for short, ‘the Act’) read with Rules 281, 282 & 9 of theCompanies (Court) Rules, 1959 for dissolution of the Company.

The Official Liquidator prays for the following relief:

“(i) form an opinion that the liquidator cannot proceed with thewinding up and that it is just and reasonable in the circumstances of the case to order for the dissolution of thecompany;winding up and that it is just and reasonable in the circumstances of the case to order for the dissolution of thecompany;

(ii) dispense with the filing of the Half Yearly Accounts for theperiod from 01.04.2015 to till date.period from 01.04.2015 to till date.

(iii) Dispense with the filing of the final accounts of the companysince no realizations have been made on account of thecompany in liquidation;since no realizations have been made on account of thecompany in liquidation;

(iv) To grant permission to deposit the un-spent money in thecompany’s credit, after meeting all incidental expenses of thewinding up process, into the Companies Liquidation Account;company’s credit, after meeting all incidental expenses of thewinding up process, into the Companies Liquidation Account;

(v) Order that M/s.Godavari Sweetners Limited be dissolvedwith effect from the date of the order.with effect from the date of the order.

(vi) Permit the Official Liquidator dispose of/destroy the books ofaccounts and records of the company any day after expiry of5 (five) years from the date of order of the dissolution of thecompany.accounts and records of the company any day after expiry of5 (five) years from the date of order of the dissolution of thecompany.

(vii) Permit the Official Liquidator to meet the costs of thisapplication from out of the funds of the company in liquidation;application from out of the funds of the company in liquidation; The circumstances relevant for disposal of this application are asfollows:

This Court, by order dated 14.11.1996, in Referred CompanyCase No.2 of 1994, ordered winding up of M/s. Godavari SweetnersLimited (company in liquidation).

The Official Liquidator has filed Annexures A,B,C.D and E alongwith this application.

Heard Sri M. Anil Kumar, learned counsel for the OfficialLiquidator and perused the statement of affairs of the company inliquidation as evidenced by Annexure C and also the affidavit of the Official Liquidator, dated 12.07.2016.

As per the application of the Official Liquidator, there were notransactions in the company in liquidation and in those circumstances,the requirements of conducting of the audit in terms of the CompanyCourt Rules is dispensed with. As per the Statement of Affairs, nodues are payable to the workmen. However, as on 31.03.2015, thebalance available to the credit of the company in liquidation isRs.19,288.45 ps. Further, no assets had come into the possession ofthe Official Liquidator and hence there is no realization to be effectedin the Company (In Liquidation). In the circumstances, no usefulpurpose would be served in continuing the winding up proceedingswithout dissolving the company.

The Company Application is accordingly allowed. However, theOfficial Liquidator shall transfer the amount of Rs. 19,288.45 ps to theCompany’s Liquidation Account in the Reserve Bank of India. Consequently, R.C.C No.2 of 1994 is closed.

____________________________

CHALLA KODANDA RAM,J

Date:18.07.2016.

Gk.

HON’BLE SRI JUSTICE CHALLA KODANDA RAM

Gk.

COMP.A.No.961 OF 2016IN

R.C.C. No.2 OF 1994

Date:18.07.2016.