M/S INDANA SPICES AND FOODS INDUS. LTD. v. Official Liquidator

1. This application has been filed by the Official Liquidator under Section 481 of the Companies Act, 1956 read with Rules 9 & 281 of the Company (Court) Rules, 1959 (hereinafter referred as CCR), praying that M/s. Indana Spices and Foods Ltd. (in Liquidation) be dissolved and the Official Liquidator be discharged as its Liquidator.

2. Perusal of the application reveals that the M/s. Indana Spices and Foods Ltd. (hereinafter referred as “Company (in Liquidation)” was ordered to be wound up by this Hon’ble Court, vide order dated 13.05.1996, when the Official Liquidator was appointed as its liquidator. Pursuant thereto, citations were published on 04.12.2006 in newspaper “Amar Ujala”. 2020:DHC:236

3. It is submitted by learned counsel for the Official Liquidator that the Official Liquidator initially came across the following assets, which were seized thereof:i. Registered office: 72, Janpath, New Delhi- 11001; ii. Factory premises, ie. the land & building as well as the Plant & Machinery, located at Dehradun Road, PO: Kailashpur, Saharanpur (U.P.); iii. Branch office at 401- 404, 6, Hemkunt Tower, Rajendra Place, New Delhi; iv. Godown at Chikamburpur, Opposite Telephone exchange, A- 15, Rawalpindi, Ghaziabad; v. Godown at East Gokulpuri, Wazirabad Road, Delhi- 94; vi. Godown at 3, Prafulla Sarkar Street, 3rd Floor, Calcutta.

4. However, for the reasons and in the circumstances stated in the application, the sole asset which could ultimately be sold off by the Official Liquidator was the Plant & Machinery located in the factory premises enumerated at (ii) above. The Plant & Machinery was auctioned vide Order dated 03.06.2010 for Rs. 12,00,000/- before this Court. All the other properties enumerated at point nos. (i), (ii) (iii), (iv), (v) & (vi) were found to be not belonging to the Company (in Liquidation) and hence were handed over to their true owners/ landlords, or were released.

5. Learned counsel for Official Liquidator further submits that the above makes it evident that the Official Liquidator could not mop-up much funds or make recoveries. It further submitted that on 20.01.2013, the Official Liquidator recorded a negative fund balance of Rs. (-) 1,64,160. Consequently, the Official Liquidator made a request to this Hon’ble Court for dispensation of invitation of claims from the creditors, which request was allowed by this Court vide Order dated 05.03.2013. Accordingly, no claims were invited.

6. It is submitted by Mr. D. Bhattacharya, learned counsel for the Official Liquidator that no further assets remain to be liquidated, and so the Official Liquidator cannot proceed any further. Hence, it will be appropriate to order dissolution of the Company (in Liquidation).

7. I have heard the learned counsel for Official Liquidator and perused the application.

8. I tend to agree with the submissions made by the learned counsel, that no purpose is served by keeping these proceedings alive. The contents of the application make it clear that it will be appropriate to dissolve the Company (in Liquidation) as there are no funds or assets available that could be liquidated or any disbursements could be made. Accordingly, the present application is allowed. CO.APPL. 150/2018 In view of the above, this application stands disposed of.

1. In view of the order passed above, Company (in Liquidation), namely, M/s. Indana Spices and Foods Ltd. is dissolved.

2. The Official Liquidator is permitted to close the books of the Company (in Liquidation).

3. The Official Liquidator is directed to intimate the concerned hereof.

4. The Official Liquidator is discharged.

JYOTI SINGH, J JANUARY 14, 2020/ //