Bombay High CourtOLR/6/2017dispossed offdismiss for default

M/S Akola Oil Industries Ltd. (In Liqn) v. None

2017-11-17Hon'Ble Shri Justice P.N. Deshmukh2 pages

1711olr6.17 1/2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

NAGPUR BENCH : NAGPUR OFFICIAL LIQUIDATOR REPORT NO.6 OF 2017 IN COMPANY PETITION NO.5 OF 2001 (In the matter of M/s. Akola Oil Industries Ltd.) ______________________________________________________________________________ Office Notes, Office Memoranda of Coram, appearances, Court's orders Court's or Judge's orders or directions and Registrar's orders.

Shri Anjan De, Advocate for Official Liquidator. -------- CORAM : P.N. DESHMUKH, J.

DATED : NOVEMBER 17, 2017 Heard Shri Anjan De, learned Counsel for Official Liquidator.

Perused the contents of the Official Liquidator Report wherein it is prayed that in view of contents of para 18 thereof, permission be granted to Official Liquidator to declare divided at the rate of 100% as mentioned in prayer clause (A) of the report. Shri Anjan De, learned Counsel for Official Liquidator, has submitted that this Court has already condoned delay caused in filing claim after due date in respect of 21 workers.

In view of admitted fact of condonation of delay as submitted by learned Counsel for Official Liquidator, report in terms of prayer clause (A) thereof is allowed.

Similarly, as per said report, in the event prayer clause (A) is allowed, Shri Anjan De, learned Counsel prays that Official Liquidator may be allowed to

1711olr6.17 2/2 open separate Dividend Account with Punjab National Bank, Mid Corporate Branch, N.S. Building, Civil Lines, Nagpur, through which dividend shall be paid to workers and unclaimed divided shall be transferred to Registrar of Companies, Maharashtra, Mumbai as per provisions of the Companies Act. It is submitted that all monetary transactions are carried out through Punjab National Bank and, therefore, Official Liquidator may be allowed to open Account with the said Bank.

Considering the submissions advanced as aforesaid, prayer clause (B) of the report is allowed. In view of contents in prayer clause (B) of the report, Official Liquidator to complete the process within six months from today.

The Official Liquidator Report is disposed of as allowed.

JUDGE khj