M/S. Manne Papers Ltd., (In Liqn) v. The Deputy General Manager And Another

IN THE HIGH COURT FOR THE STATE OF TELANGANA

AT HYDERABAD FRIDAY. THE THIRTIETH DAY OF DECEMBER TWO THOUSAND AND TWENryTWO PRESENT THE HONOURABLE SRI JUSTICE T.VINOD KUMAR COMPANY APPLIcATION NO. 27 0F 2022 IN /AND COMPANY PETITION NO:71 0F 2013 ln the matter of the Compa nies Act, 1956 And ln the mafter of M Manne Papers Ltd. ( ln Lion) COMPANY APPLICAT toN NO.27 0F 2022:

Between:

M/s. Manne P-apers Ltd., (ln Liqn), Rep. by its Officiat Liquidator Attached to the High Court for the State of Telangana ...APPLICANT AND 1 . The Deputy General Manager Arjun Chemicals private Limited. Coroorative Omce.Rovert V Chandran Tgw-er.2ro Floor, 149 Velachery Tambardm High Road, Pallikaranal, Chennai - 600 100.

2. The Manager,. Syndicate Bank, Corporate Finance Branch, # 6.3.666, First Floor, Lumbini Towers, Somajiguda, .Hyderabad - SOO OB2 ...RESPONDENTS --_^ _CoTp".Iry Application Under Section 4Bl & S5O of the Companies Act, !.pSO $9ga with Rule 9, 281 & 282 of,the Companies ( Court ) nuds, rSSg foi dlssolution of the Company praying that this Hon'ble cburt may be pl6ased to i.

form an opinion that the Liquidator cannot proceed with the winding up and that it is just and reasonable in the circumstances of the case to order for the dissolution of the company ii.

dispense with the service of notice on the Respondents herein as fficial Liquidator has atready sought No Objection Certificate from all the Respondents above as detailed in para no.6 of affidavit.

per nil the Official Liquidator lo returll ther irr tial expenses of t.

Rs ;25,000 to the petitioner for winding ttp anc i't th3 event of the pel ti()ner being not traceable the Oficial L]'luicator may be pe|nitted to transfer the said amount to the Ccm lan es Liquidation ,\<:;orrnt.

ha yearly accounts of the company in liquidati(rn have been filed rp to 31.03-2021 and Half Yearly auditr-'d Ac(or-rnts for the period |r<t't 01.O4.2O21 to 30.09.2021 and 01. 10 202 1 to ' 4 -02.2022 arc ce ng filed along with this application, be taken ott re:ord. di::rense with the auditing of half yearly accf,rrnts for the period frc n 01-04-2O21 to 30-09-2021 and 01 '10-202' lo 14-02-2022 as :

th( re are only few transactions.

i dil p€,nse with the filing of the final/ anrrt a accoun(s of the rl :] co nFrany in view of the filing of the aucited,l lrraudited half yearly ac :ornts regularly in the company in liqtridatio I il dr: pr:nse with the payment of Central Goverttn'ent fee in view of rl nc'r ,)xistence and non realization of an)/ assel c' tho company or ie- that M/s. Manne Papers Limited be diss'>l',ed ,vith effect from vt th : r ate of the order.

Pr rnrit the Official Liquidator to transfer the b al,rnc<r amount to the tx C,,rnpany's Liquidation Account, after deduc.irrg the Liquidation / in :rdental expenses, Auditor's fees an etc., P rrrrit the Official Liquidator to dispose of / d',rstroy the books of !

X a( 3('unts and records of the companj' any Tzty alter expiry of 5 (f ,/e) years from the date of order of the disso ution of the company p, ,rnrit the Official Liquidator to meet the c( s. of this application Xi a rd any other incidental expenses be lnet fr( nr oul of the funds of tl rr ,lompany to its credit;

This Appl c.rtion coming on for orders ut,on p(,rtrsin() the Judge's ;

i summons and th ,r affidavil daled 22-02-2022 filed by Srrrt \'. Szrntoshi Jagirdar, Official Liqurdatc' ( ln - charge ) in support of the Applicaliorr arrd upon hearing the arguments; o Sri J. Srinadh Reddy, learned Counsel for tt'e Cfficial Liquidator , on behalf of the \pclicant.

COMPANY PETITION NO. 71 OF 2013 Between:

M/s. Arjun chemicels Private Limited, Registered Office at Park View, Second Floor, No,94, G.N.Shetty Road, T.Nagar, CHENNAI - 600 017, Rep. by its authorized person Mr. P. Vasanthakumar, S/o Mr. P.S. Padmanabhan aged 71 Years Director - Arjun Chemicals Pvt. Ltd. Resident Of Chennai ...PETITIONER AND M/s. Manne Papers Limited,, Registered Office at 301,Veeru Castle, &3-9OO/9, Durga Nagar Colony, Hyderabad , ...RESPONDENT Company Petition Under Section 433 (e) of the Companies Act, 1956 praying that this Hon'ble Court may be pleased to (a) Wind up the Respondent Company called M/s. Manne Papers Limited under the provisions of Section 433(e) and other provisions of Companies Act, 1956 (b) The official liquidator be appointed and directed to take possession of all assets, including the office/s and factory premises of the said company of the said company together with Books of Accounts and all records forthwith, (c) Costs of incidental expenses to the application be paid by the Company to the Petitioner and the same be added to the claim of the Petitioner, :

i il This company petition coming on for orders upon reading the Judge's summons and the affidavil daled '12-11-2012 filed by P. Vasanthakumar Director ii jj of the Petitioner Company in support of the company Petition and upon hearing the arguments of M/s. B.P. Mohan, Advocate for the Petitioner and iI Sri G. Vasantha Rayudu, Advocate for the Respondent. The Court made the following: ORDER

,/ THE {oN'BLE SRI JUSTICE T. VINOD KUMAR C( )MPAIII APPLICATION No.27 of 2o122 IN AND I )C)MPAIIY PETITION NO.71 OF 2OI3

ORDER

Tl-ris a1 p ication is filed under Sections 481 & 550 of lhe Companies; n.;t, 1956 (for short'the Act'J read with R.tles 9, 281, and 28,1 of tl e Companies (Court) Rules, 195!). 2.

Thc r: icfs sought for in the present appli(:a liort arc as follorvs:

rrrn an opinion that the Liquidator cannot pro(e( I \r'th the inding up and that it is just and reasor al)[c n the r( unrstances of the case to order for tle diss< lu ion of the lrrpany;

lslensc wrth the service of notice on the R:spond,:nts hercin as )ttcial Liquidator has already sought No Obje(titr Oer tilicatc :cn :rll the respondents above as detailec in pala \,1().6 of thc flidavit.

,ermit the Offlcial Liquidator to return tte initi€l:xpe-rses of .ls 25,OOO/ to the petitioner for winding u-r, and rn 'he tvcnt o[ hr p(:titioner l)eing not traceable, the Off,cLal Liqu id: tor may be )er mitted to transfer the said amount to ,})e Conrpanics ,rc ui(lation Account;

r;L f I early accounts of the company in liquidatiorr ha.'c been il(d up to 31.03.2021 and Half Yearly auc.ited Ac.o,rnts for thc )(-iod from ol.O4.2O2l to 3O.O9.2O22 and (t1 10.2021 xr i4.O2.2022 are being filcd along with this applir:etron. be tak(n >n record:

rlir,pense with the auditmg of Half Yearly a:counts firr th,: period 'rcm 01.04.2021 to 30.09.2021 and 01.1().202t .o 14.()2.2022 r.i th,.re aIe orrly few transactions;

1r;pcnse with the flrng of Annual/frnal ac(ounrs (f hc cfmpany rn vrew of thc filing of the audited/u lauditel Hall Yearly A( counts regularly in the company in tiqui<lation; drJpense with thc payment of Central Gov:mmcnL l,:c lt view ol nr n cxistence and non realization of any as.sets c,f th( coropan]. vll Il order that M/'s. Manne Papers Limited b': dissclverl u'i h effcct lr, )m the datc of lhe o.der.

Permit the o{Iicial Liquidator to transfer the balance amount to the Company's Liquidation Account, after deducting the Liquidation/incidental expenses. Auditor's fee and etc. lX.

Permit the Official Liquidator to dispose of/destroy the books of accounts and records of the company and day after expiry of 5 (nvel years from t}Ie date of order of the dissolution of the company;

x.

Permit the Ollicial Liquidator to meet the cost of tltis application and any other incidental exp€nses be met from out of the funds of the company to its credit.

xt.

3.

Heard Sri J. Sreenadh Reddy, learned Counsel for the Official Liquidator, and perused the statement of affairs of the company in liquidation and otler material as evidenced by Annexures A to G and also the affidavit dt-22.O2.2O22 irled by Smt. V. Santosh Jagirdar, Ofhcial Liquidator. 4.

The Oflicial Liquidator has frled Annexure-A to G along with the allidavit.

5.

The circumstances relevant for disposal of this Application are as follows:

6.

This Court, by order dated 27.04'2O15 in CP'No'71 of 2013, ordered winding up of M/s Manne Papers Limited (company in liquidation).

7 . As per the aflidavit of the Offrcial Liquidator, as on date' the Company-in-liquidation is having an amount of Rs'33,16O/- only to its credit; that as per the records, no cases are pending

in any Court s i -t respect of the Company-in'iiqurc a -ior'; and affairs are to be pursued by thr: Official that no futl l- r:r Liquidator.

8.

Thrrs, 1. re Official Liquidator sought for perrr'ission for dissolution oi tlre Company-in-liquidation; to refund a l;um of Rs.25,000/ 1-o the respondent viz', CorrLpany PetLtioner' depositerl tou rrds initial expenses; and to de'losit / transrfer the balance avai rrlrle amoLlnt of Rs'8,16O/- t() the llonlpany's Liquidation t rlcoLlnt with the RBI as required ullcrer Section 555(l) of thc \ct read with Rule 283 of the Ru es afle:: deducting the liqurda:ir; rr incidenurl expenses, auditors'fee et':' g.

Havin-e r:gard to the statement of the Ofhcia' Li<luidator as above zrn': crnsidering the fact that the winding u1: ol der was passed in l)re year 2015, i.e, more than six ye'rrs ago have already prls erl, there appears to be no further a ffai rs to be pursucd L1' h: Official Liquidator in winding up ol t -te r)ompany in liquidal.io t.

g .

In rie ,,v of the above circumstances, no u st: ful purpose would bc r etved in continuing the winding u: proceedings withotrt dis ,o ving the comPanY

10. Therefore, the Company Application is allowed. The Offircial Liquidator shall transfer the amount of Rs.8,16O/- to the Company's Liquidation Account with the Reserve Bank of India after refunding a sum of Rs.25,O0O/- to the respondent (company petitioner). [n the event the respondent (company petitioner) is not traceable the Official Liquidator is further permitted to transfer the said amount to Company liquidation account along with balance amount.

1 1 Consequently, C.P. No.71 of 2O13, is closed. The Offrcial Liquidator shall forward the certified copy of this order to the Registrar of the Companies along with statement signed by the Official Liquidator, as mandated under Rule 282 of th,e Companies (Court) Rules, 1959.

sd/€.V. MALLTKAR+UJSYffi GD //TRUE COPY// To sEcTtoN oFFtcER \

1. The Official Liquidator, M/s. Manne Papers Limited, ( ln Liqn) High Court at Hyderabad for the state of Telangana Office at lstfloor Corporate Bhawan, Nagole, Bandlaguda Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District Telangana State Pin Code 500 680.

2. The Registrar of Companies, Ministry of Corporate Affairs, Government of lndia 2d floor Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District, Telangana State Pin Code 500 680.

3. The Regional Director, South Eastein Region, Ministry of Corporate Affairs, 3d Floor Corporate Bhavan, Nagole, Bandlaguda, Thattiannaram Village, Hayathnagar Mandal, Ranga Reddy District, Telangana State 500680

4. The Section Officer, O.S. Section, High Court for the State of Telangana

5. One CC to SRl. J. SRINADHA REDDY, Counsel for Official Liquidator, High Court at Hyderabad.

6. Two C.D.Copies \ \-

HIGH GOUITT DATED:30t1212022 .',1t,;

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ORDER

COMPAN\ APPLICATIONNo.2T of 202:.rIN/AND COMPAN\ PETITION NO.71 OF 2013 ALLOW!N 3 THE COMPANY APPLICA'I'IIC]\I.

AND CLOSING THE COMPANY PETITION NO. 7'1OF 2013 (y