Sarigam Containers P. Ltd. v. Core Organics Ltd.

1. This application has been filed by the Official Liquidator Under Section 481 of the Companies Act, 1956 (for short „the Act”) read with Rule 9 of the Companies (Court) Rules, 1959 (for short “the Rules”) praying that M/s Core Organics Ltd. be finally dissolved and the Official Liquidator, Delhi, be discharged as its Liquidator.

2. It is stated that M/S Core Organics Ltd. was ordered to be wound up Provisionally by this Court vide its orders dated 05.12.2000 and finally was wound up on 10.08.2004 and Official Liquidator attached to this Court was appointed as Liquidator of the Company.

3. It is stated that Statement of Affairs have not been filed by the Ex- 2019:DHC:5305 Directors and criminal complaint filed under Section 454(5A) of the Companies Act, 1956 bearing Crl. O. No.14/2003 was also disposed off vide order dated 25.08.2004.

4. It is stated that the factory (Land and building and Plant and Machinery) of the Company (in Liquidation) situated at B-2, B-3 bearing No. D-22, Industrial Focal Point, Derabassi, Distt. Patiala (Punjab) was sold for Rs. 3.12 crores vide order dated 02.02.2006 passed by this Court and subsequently possession of the property was also handed over to Auction Purchaser.

5. It is further stated that claims were invited by way of publication in „The Punjab Kesari‟ (Hindi Edition) and „Tribune‟ (English Edition) on 12.07.2006.

6. It is stated that various claims were received including claims from workmen. However, due to non-availability of particulars i.e. Bank details/ proper addresses, the admitted claim amount could not be disbursed to 10 Ex-workers. Therefore, the said admitted amount of Rs. 3,85,477/pertaining to 10 workers had been transferred to RBI under the head “unclaimed dividend” on 30.08.2019. The said claims had been settled in the following manner:- NAME OF CLAIMANT AMOUNT CLAIMED (In Rs.)

AMOUNT ADMITTED (In Rs.)

AMOUNT DISBURSED IDBI (Ist Charge) 15,25,62,312 7,32,15,060/- Under Section 529 A 2,50,00,000/- (Interim Payment) and 39,58,770/on 06.02.2019 Punjab and Sind Bank

1. 96,53,939/- plus Interest

2. 4,63,47,570 /- 96,53,939/- (as a Secured Creditor and IInd charge on Immoveable Assets and Ist Charge on Moveable Assets. Employees Provident Fund Organization 8,10,763/- 3,08,374/- 3,08,374/- on 11.04.2019 as per court order dated 31.10.2018 Punjab Alkalies And Chemicals Limited 19,69,752/- 12,46,546/- Plus Interest @ 12% as Unsecured Creditors The United Western Bank Limited 3,80,134/- 3,80,134/- as ESI Corporation 7,82,085/- 5,44,511/- as Punjab State Industrial Development Corporation Ltd. 187.64 Lakhs 8.31 Lakh as Unsecured Creditors WORKERS AMOUNT CLAIMED AMOUNT ADMITTED AMOUNT DISBURSED UNCLAIMED 7,04,445/- 7,04,445/- 3,18,968/- 3,85,477/-

7. It is stated that as EPFO has requested to remit the an amount of Rs. 5,02,389/- out of the claimed amount of Rs. 8,10,763/- in accordance with the provision contained under Section 11(2) of the EPF and MP Act, 1952. However, EPFO claim was admitted for Rs.3,08,374/- which has been paid and no appeal has been filed by the EPFO till date.

8. It is stated by the learned counsel for Official Liquidator that the Official Liquidator has no further assets either moveable or immoveable from which any further money could be realized for the Company. Since there is no probability of realizing any further funds and no claims are pending, therefore, no useful purpose would be served by keeping this matter pending. It is thus stated that an amount of Rs. 3,48,001.03/- available may be transferred to Common Pool after deduction of Liquidation Expenses including Income Tax liability, Audit Fee, Govt. Commission etc. and books of accounts of the Company (In Liquidation.) maintained by the office of the Official Liquidator may be closed.

9. In view of the above facts and circumstances of this case, the liquidation proceedings deserve to be brought to an end. Consequently, M/s Core Organics Limited is dissolved. Official Liquidator is permitted to transfer the amount lying with it in the Books of Accounts of the Company (in Liquidation) maintained by the Official Liquidator to Common Pool after deduction of Liquidation Expenses including Income Tax liability, Audit Fee, Govt. Commission etc. and books of accounts of the Company (In liquidation) maintained by the office of the Official Liquidator may be closed as prayed.

10. The application is disposed of in the aforesaid terms. CO.PET. 120/1996

11. A copy of this order be communicated to the Registrar of Companies within 30 days by the Official Liquidator. The next date of hearing i.e. 11.12.2019 stands cancelled.