CO.PET./994/2015 of SANJAY KHULLAR Vs INTERNATIONAL CORP SOLUTIONS PVT. LTD. & ORS. on 24 September 2026

O R D E R

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24.09.2026 CO.APPL. 551/2025 in CO.PET. 994/2015

1. Ms. Isha Khanna, Standing Counsel for Official Liquidator (‘OL’) states that pursuant to order dated 09th September 2026, the disbursal to Mr.

Sanjay Khullar has taken place. Balance amount has, therefore, been remitted to the Common Pool Fund to meet administrative expenses.

2. This application has been filed by the OL under Section 481 of Companies Act, 1956 (hereinafter, ‘the Act’) read with Rule 9 of Companies (Court) Rules, 1959 (hereinafter, ‘the Rules’), praying that M/s International Corp Solutions Pvt. Ltd. [hereinafter, ‘Company (in liquidation)’] be dissolved and the OL attached to this Court be discharged as its Liquidator.

3. It has been stated in the application that this Court, vide order dated 18th May 2016, appointed the OL attached to this Court as the Provisional Liquidator of the Company (in liqn.) with directions to take charge of the assets and records of the Company (in liqn.). Citations for winding up of the Company (in liqn.) were thereafter published on 04th April 2018 in the newspapers ‘The Statesman’ (English Edition) and ‘Veer Arjun’ (Hindi Edition) in terms of order dated 18th May 2016.

4. It has been further stated that the registered office of Company (in liqn.) was situated at D-6/4, Okhla Industrial Area, Phase-I, New Delhi-110020 and Mr. Rahul Nath and Ms. Sharmila Nath were reflected as Ex-Directors of the Company (in liqn.).

5. In compliance of the orders passed by this Court, officials of the OL visited the registered office of Company (in liqn.) on 19th May 2016 and 20th May 2016 and took possession, thereof. Upon inspection of the premises, the entire ground floor was found in an open/broken condition, except for one iron door which was locked from outside. No records of the Company

(in liqn.) were found at the premises. The premises were thereafter sealed and entrusted to authorised representative of the landlord on superdari basis.

6. It has been submitted that the landlord, Mr. Sanjay Khullar, thereafter filed CO.APPL. 2018/2016 and 2317/2016, seeking permission to take back possession of the registered office of Company (in liqn.). Vide order dated 25th July 2016, this Court directed OL to return the premises situated at the ground floor of D-6/4, Okhla Industrial Area, Phase-I, New Delhi-110020 to Mr. Sanjay Khullar.

7. It has been further submitted that vide order dated 18th August 2017, this Court permitted arbitration proceedings to proceed, subject to the condition that enforcement of arbitral award would be subject to the permission of this Court. The Arbitrator, in Arb. P. 273/2016 titled, “Sanjay Khullar v. International Corp. Solutions Pvt. Ltd.”, vide Award dated 23rd December 2017, awarded a sum of Rs.33,03,317/- along with simple interest @ 12% per annum from 01st November 2016 till payment.

8. It has also been submitted that Ex-Directors of the Company (in liqn.) had initially failed to file Statement of Affairs as required under Section 454 of the Act. Consequently, the OL was constrained to file Criminal Complaint No. 07/2016 before this Court. Pursuant to the dated 20th August 2018, Ex-Directors appeared before the OL and filed their Statements of Affairs and recorded their statements under Rule 130 of the Rules.

9. It has been submitted that, pursuant to the information received from Ex-Directors, notices were issued by OL to debtors for recovery and an amount of Rs.13,65,644/- was recovered.

10. Petitioner filed CO.APPL. 23/2019 seeking enforcement of the aforesaid arbitral award. Vide order dated 09th January 2019, this Court directed petitioner to file his claim before the OL in the prescribed format. Mr. Sanjay Khullar had filed a claim of Rs.49,35,508/- against the Company (in liqn.). The said claim was scrutinised by M/s Rajput Jain & Associates, Chartered Accountants, and an amount of Rs.16,55,754/- was admitted as the claim of Mr. Sanjay Khullar.

11. In terms of order dated 21st November 2023 passed by this Court, OL was permitted to invite claims from the creditors/workmen of Company (in liqn.). Accordingly, claims were invited from the secured and unsecured creditors, workers and shareholders by publication in the newspapers ‘Statesman’ (English) and ‘Veer Arjun’ (Hindi) on 20th March 2024. However, no claim was received by the OL from any secured or unsecured creditor, worker or shareholder.

12. It has been submitted by the counsel for OL that no assets, movable or immovable are available in the possession of OL for further realisation. Further, no claims have been received from any secured or unsecured creditor, worker or shareholder and the only admitted claim is that of Mr. Sanjay Khullar to the extent of Rs.16,55,754/-, which stands paid in the Account No. 59109810032772 held in the name of Mr. Sanjay Khullar with HDFC Bank Limited having IFSC Code HDFC0000557 vide transaction ID PUNBR5202609241276118 dated 24th September 2026.

13. OL has also relied upon the decision of Supreme Court in Meghal Homes (P) Ltd. v. Shree Niwas Ginni K.K. Samiti & Ors., (2007) 7 SCC 753, wherein, it has been held that where the affairs of Company (in liqn.)

have been completely wound up or the Court finds that OL cannot proceed with the winding up of Company (in liqn.) for want of funds or for any other reason, the Court can pass an order dissolving the Company (in liqn.) from the date of such order.

14. In view of the aforesaid facts and circumstances, liquidation proceedings deserve to be brought to an end. Consequently, M/s International Corp Solutions Pvt. Ltd./Company (in liqn.) is dissolved under Section 481 of the Act. OL is discharged from the duties as the Liquidator of the Company (in liqn.) and is permitted to close the books of accounts of the Company (in liqn.) maintained by the office of OL.

15. A copy of this order be communicated to the Registrar of Companies within 30 days by the OL.

16. Application is disposed of and the OL is discharged. CO.PET. 994/2015 & CRL.O.(CO.) 7/2016

1. In view of above, these petitions are also disposed of. Pending applications are rendered infructuous.

2. Order be uploaded on the website of this Court. ANISH DAYAL, J SEPTEMBER 24, 2026/ak/sp