Life Insurance Corporation Of India v. The Official Liquidator As The Liqudiator Of Machinery Manufactures Corporation Limited

4-ca775-15 vai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.775 OF 2015 IN COMPANY PETITION NO.41 OF 1986 Life Insurance Corporation of India ...Applicant V/s.

The Official Liquidator of Mechinery Manufactures Corporation Ltd.

...Respondent

Mr.Rakesh Singh i/b M.V. Kini & Co. for the Applicant. Mr.Mahendhar Aithe, Company Prosecutor for the Official Liquidator. CORAM : R.D. DHANUKA, J.

DATE : 24TH FEBRUARY, 2017.

P.C. :- 1.

It is not in dispute that after filing of the company application for releasing the amount of Rs.2,16,08,680/- by the Official Liquidator, the Official Liquidator has already released an amount of Rs.1,81,51,291/- as and by way of dividend pursuant to the order passed by this Court.

2.

Learned Company Prosecutor appearing of the Official Liquidator states that as on today, there are no sufficient funds in the account of the company for the purpose of declaring further dividend. As and when sufficient funds are available with the account of the 1/2

4-ca775-15 company, with the leave of the Court, further dividend may be declared. The statement is accepted. In view of the statement made by the learned Company Prosecutor, learned counsel appearing for the applicant seeks liberty to withdraw this application with liberty to file the application in future, if necessary. 3.

The company application is allowed to be withdrawn with liberty as prayed. No order as to costs.

(R.D. DHANUKA, J.) 2/2