Swadeshi Mills Company Limited v. B. I. F. R.

2_OLR50_24.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION OFFICIAL LIQUIDATOR'S REPORT NO.50 OF 2024 IN COMPANY PETITION NO.385 OF 2002 In the matter of Companies Act, and In the matter of the Svadeshi Mills Company Limited (In Liquidation) B.I.F.R.

...

Petitioner --- Mr. Apurva Thipsay for Official Liquidator.

Mr. Chandan Kumar, Official Liquidator.

Mr. Shehzad A. K. Najam-es-sani i/b. Maneksha & Sethna for Grand View Estates Private Limited.

CORAM : MANISH PITALE, J.

DATE : APRIL 26, 2024 P.C. :

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Heard learned counsel for the petitioner.

2.

By the present official liquidator's report (OLR), the following directions are sought:- "(a) That in view of para (24) above, whether this Hon'ble Court pleased to extend the time by another 06 (Six) months for issue of the pending Notice of Payment to the Workers/Creditors/Employees and also allow to distribute dividend to the remaining Workers/Creditors/Employees through NEFT/RTGS as per the Bank Account details provided by the concerned claimants in the ECS Mandate Form from the date of Order of the Hon'ble Court and thereafter the unpaid/ unclaimed amount be transferred to the Companies Liquidation Account maintained by the Registrar of Companies under Section 555 of the Companies Act, 1956."

by MINAL SANDIP PARAB Date:

2024.04.29 18:06:11 +0530 MINAL SANDIP PARAB 1/2

2_OLR50_24.doc 3.

This Court has perused the OLR wherein cogent reasons have been stated as to why extension of time by six months is required for the official liquidator to ensure issuance of notices of payment and disbursal of dividends. Hence, for the reasons stated in the OLR, the same is allowed in terms of prayer clause (a), quoted hereinabove. (MANISH PITALE, J.) Minal Parab 2/2