HC Orders Dissolution of Company in Liquidation as Official Liquidator Reported No Funds for Winding Up

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Case Details: Official Liquidator of Arya Silk Mills (P.) Ltd. (In Liquidation), In re, – [2023] 150 taxmann.com 243 (HC-Gujarat)

Judiciary and Counsel Details

Bhargav D. Karia, J.

Dhawan M. Jayswal for the Applicant.

Facts of the Case

In the instant case, the Official Liquidator (OL) filed a report under section 302 of the Companies Act, 2013 praying for the dissolution of the company-in-liquidation, which was later ordered to be wound up.

Later, it was stated by Official Liquidator (OL) in its report that as per the books of account maintained by the office of the Official Liquidator, the fund position of the said company was NIL. The same had also been certified by Chartered Accountant in his report as an Auditor Balance Certificate of Company-in Liquidation.

Moreover, no assets of company-in-liquidation were available. Further, it was stated that NOC from the Registrar of Companies and in respect of the Company-in-Liquidation, had been received stating that the liabilities, if any of the company that might arise subsequently for which the Company’s Directors should be held liable.

It was also stated in the report that during the process, a prior intimation letter for dissolution of the subject company was sent to the income tax department regarding NoC for proposed dissolution, but till date did not receive any reply from the said department.

High Court Held

The High Court held that in view of the aforesaid facts, the report of OL was to be accepted and the order of dissolution of the company-in-liquidation was to be passed as prayed for.

List of Cases Reviewed

Meghal Homes (P.) Ltd. v. Shree Niwas Girni K.K. Samiti [2007] 78 SCL 482 (SC) (para 26) followed.

List of Cases Referred to

Meghal Hmes (P.) Ltd. v. Shree Niwas Girni K.K. Samiti [2007] 78 SCL 482 (SC) (para 23).

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