Brijender Pratap Singh v. K.P. Pan Masala Company Ltd.

1. This application has been filed by the Official Liquidator under Section 481 of the Companies Act, 1956, praying that K.P Pan Masala Company Ltd (In Liquidation) be dissolved and the Official Liquidator be discharged as its Liquidator.

2. Learned counsel for Official Liquidator submits that the Official Liquidator was appointed as the Provisional Liquidator by order dated 07.03.2014 in K.P Panmasala Company Ltd. hereinafter referred to as Company and the same was ordered to be wound up by order dated 2019:DHC:5699 31.07.2019 and the Official Liquidator attached to this Court was appointed as the Official Liquidator of the Company.

3. Learned counsel for Official Liquidator submits that possession of the Registered Office of the Company (In Liquidation) situated at Khasra NO. 24/5, A Block, Jain Mandir, Deep Vihar, Pansoli, Rohini, Delhi-110085, also known as G-95, Jain Mandir Road, Deep Vihar, Delhi was taken over on 29.03.2014. Subsequently, in compliance of order dated 22.04.2014, possession of the Registered Office was handed over to landlord on 24.05.2014. Possession of another office at A- 24, 1ST Floor, Bunker Colony, Ashok Vihar, Phase-IV, New Delhi was taken over on 11.11.2014, however, in compliance of order dated 31.07.2019, the premises was handed back to the landlord on 05.09.2019 and records were shifted to the record room, South Block.

4. It is submitted by learned counsel for Official Liquidator that Ex- Director, Mr. Neeraj Jain recorded his statement under Rule 130 of the Companies Court Rules, 1959, on 03.04.2014 and filed the Statement of Affairs on 25.03.2014. The other Ex-Directors of the Company (In Liquidation) i.e. Mr. Hari Om Kaushik and Mr. Babu Ram Upadhyay, also recorded their statement under Rule 130 of the Companies Court Rules, 1959 and also filed Form-58 concurring with the Statement of Affairs filed by Mr. Neeraj Jain on 25.04.2014.

5. That as per the Statement of Affairs, the Company (In Liquidation) had a bank balance in Punjab National Bank and subsequently Rs.9,38,649.15/- and Rs.39,914.35/-, was transferred with the Official Liquidator from the said Bank on 12.04.2014 & 15.04.2014.

6. It is further submitted by learned counsel for Official Liquidator that the claims were invited by publishing the notice in the newspapers namely Statesman (English) and Amar Ujala (Hindi) on 19.06.2016, in compliance of order dated 28.03.2016. In response to the said advertisement, no claims were received by the Official Liquidator. However, prior to publishing the claim notice, one claim from Trade Tax Department, Ghaziabad for a sum of Rs.2,18,21,124/- was received on 17.08.2015 and the same was scrutinized and admitted as unsecured creditor for Rs.1,97,99,955/-. Further in compliance of order dated 31.07.2019, a sum of Rs.10,00,000/- was disbursed to Trade Tax Department, Ghaziabad vide DD No.464315 on 14.10.2019 alongwith letter dated 15.10.2019 by the Official Liquidator and Rs.90,589/- were transferred to the Common Pool Fund as liquidation expenses.

7. It is further submitted that a further sum of Rs.1,13,350/- has been incurred as expenses and the same may also be transferred to the Common Pool Fund.

8. It is submitted that the Official Liquidator has no further asset either moveable or immoveable from which any money may be realized for the Company (In Liquidation).

9. I have heard learned counsel for the Official Liquidator.

10. In the case of Meghal Homes (P) Ltd Vs Shree Niwas Girni K.K. Samiti and Ors., (2007) 7 SCC 753, the Supreme Court, inter alia in Paragraph 31 thereof, has held as under:- “When the affairs of the Company had been completely wound up or the court finds that the Official Liquidator cannot proceed with the winding up of the Company for want of funds or for any other reason, the court can make an order dissolving the Company from the date of that order. This puts an end to the winding up process”.

11. In view of the above decision of the Supreme Court and the facts and circumstances of this case, the liquidation proceedings deserve to be brought to an end.

12. Application is allowed in the aforesaid terms. CO.PET. 12/2014

13. Official Liquidator is permitted to transfer Rs.1,13,350/- to Common Pool Fund and to close the books of accounts. The Company K.P Panmasala Ltd. is dissolved.

14. A copy of this order be communicated to the Registrar of Companies within thirty days.

15. Official Liquidator is hereby discharged.