The Official Liquidator v. Nill
in C.P.No.280 of 2014 M.SUNDAR, J., Captioned application has been taken out by 'Official Liquidator attached to this company Court' [hereinafter 'OL' for the sake of convenience and clarity] inter alia under Section 460(4) of the Companies Act, 1956' [hereinafter 'said Act' for the sake of convenience and clarity] with a multi-limbed prayer which reads as follows: 'a) To take this report on record.
b) To permit the Official Liquidator to re-value and to conduct the auction sale of movable assets kept at First Floor, O/o. the Official Liquidator, "Corporate Bhavan" IInd Floor, No.29, Rajaji Salai, Chennai-600 001 by engaging an approved auctioneer M/s.Alwin & Co., as stated supra in Para N.10. c) To permit the Official Liquidator to confirm the on-spot to the highest bidder without approaching this Hon'ble Court again.
d) To permit Official Liquidator to hand over the movable assets to the successful bidder on receipt of entire sale consideration.
e) To permit the Official Liquidator to meet all the incidental Page No.1/10
expenses such as valuation charges of movables, advertisement charges and etc., from and out of the funds of the company in liquidation.
f) To pass such order/orders as this Hon'ble Court may deem fit and proper in the circumstances of the case.'
2. Mr.Bavisetty Sridhar, learned 'Deputy Official Liquidator' [hereinafter 'Deputy OL' for the sake of convenience and clarity] on behalf of OL who is before this Court submits that the captioned application is supported by a 'report of OL dated 10.06.2022' [hereinafter 'said report' for the sake of convenience and clarity].
3. Adverting to said report, learned Deputy OL submits that 'Emas Engineers & Contractors Private Limited' [hereinafter 'said company' for the sake of convenience and clarity] is the company which has gone into liquidation in the main Company Petition at the instance of a petitioning creditor. Learned Deputy OL submits that this Company Court, in and by an order dated 20.12.2016, appointed OL as provisional Liquidator, inter alia directed OL to take charge of assets and effects of said company. Thereafter, the trajectory which the winding up proceedings took has Page No.2/10
been captured in paragraph Nos.3 to 8 of support affidavit and a scanned reproduction of the same is as follows:
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4. As regards the prayer for revaluation and sale of movable effects of said company, a list of assets of movables which are the subject matter of captioned application is given as 'Annexure B' and a scanned reproduction of the same is as follows:
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M.SUNDAR, J., mk
5. Adverting to paragraph No.11 of said report, learned Deputy OL submits that fund position of said company can accommodate the exercise that is sought to be made. To be noted, fund position shows a balance of a little over Rs.80.69 Lakhs.
6. Learned Deputy OL brings to the notice of this Court that Annexure B does not include CPUs (Central Processing Units) as that may contain data which would be relevant both for said company after revival happens and for liquidation process.
7. In the light of the narrative thus far, it is clear that the prayer in the case on hand being answered in the affirmative would only aid and further the process of liquidation and therefore, captioned application ordered as prayed for. There shall be no order as to costs. 24.06.2022 mk in C.P.No.280 of 2014 Page No.10/10