Sanjeev Paul v. Scientific Security Cash Management Services Pvt. Ltd.

1. This application is filed under section 481 of the Companies Act, 1956 (herein referred to as “the Act”), by the OL, wherein it is prayed that the said company be dissolved and the OL be discharged as its Liquidator.

2. I may now note some of the brief facts for disposal of the present petition.

3. The petitioner had moved this winding up petition under section 433(e), 434 and 439 of the Act for winding up of Scientific Security Cash Management Services Pvt. Ltd.(herein referred to as the “said company”).

4. Notice was duly served but none appeared on behalf of the said company. Hence, this court appointed the Official Liquidator (OL) as the 2018:DHC:3531 Provisional Liquidator by its order dated 16.05.2016 in the said company and the same was ordered to be wound up by order dated 19.02.2018. Citations were published in the leading newspapers and in the Delhi Gazette.

5. It is stated that the said company was incorporated on 22.08.2012 with the Registrar of Companies (ROC), NCT of Delhi and Haryana vide CIN No. U93000DL2012PTC240584 having its Registered Office at E-1, Mansarovar Garden, New Delhi-110015 with authorised share capital of Rs. 10,00,000/- (Rupees Ten Lakhs) divided into 1,00,000 (One Lakh) equity shares of Rs. 10/- each.

6. It is further stated that the records of the said Company as maintained at the office of the ROC, showed that the following persons have been directors of the said Company: i. Ms. Sandeep Kaur ii. Sh. Sanjeev Paul iii. Sh. Sumit Bhutani iv. Sh. Sanjay Monga Ms. Sandeep Kaur & Mr. Sanjeev Paul submitted their Form 32 before the OL reflecting their resignation.

7. That the only assets of the said Company (In Liqn.) which came to the knowledge of the OL were the moveable assets lying at the registered Office which were valued and thereafter sold to the Ex-Director Mr. Sanjay Monga for Rs.15,000/- pursuant to orders dated 08.08.2017 and 09.02.2018. There are no other recoverable assets of the said Company (In Liqn.) in the knowledge of the OL.

8. That the fund position of the said Company (In Liqn.) is Rs.1,09,227/as on 24.05.2018. It is further submitted in the present application that no useful purpose will be served by inviting claims from the creditors as the funds available in the account of the said Company (In Liqn.) are not sufficient and the cost of invitation and processing of claims will exceed the amount of funds available.

9. It is also made clear that the OL took possession of the registered office of the said company on 20.05.2016. However, since the same was tenanted premises the vacant possession was handed over to the Ex-Director i.e. Sh. Sanjay Monga and Authorised Representative of Sh. Sanjeev Paul (Ex- Director cum landlord) of the said company on 25.05.2018.

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. As prayed for, it is directed that the amount of Rs.1,09,227/- be transferred in the Common Pool Fund maintained by the Office of the OL.

12. A copy of the order be filed by the OL with the ROC within the statutory period as prescribed in the Act.

13. The application is accordingly allowed and disposed of. CO.PET.763/2015 The said company is dissolved and the OL is discharged from the duties as the Liquidator of the said company. In terms of the above the present petition stands disposed of.

JAYANT NATH, J MAY 28, 2018