The Official Liquidator v. Nill
in C.P.No.103 of 2005 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 read as follows: 'a) To take this report on record.
b) To permit the Official Liquidator to transfer the amount of Rs.5,28,400/- payable to M/s.BPL Us West Employees Provident Fund Trust, Bangalore and M/s.BPL Us West Employees Superannuation Fund, Bangalore to "The Registrar of Companies, Tamilnadu, Chennai," under Section 555(1) and (3) of the Companies Act, 1956 as stated at para 6 supra. c) To permit the Official Liquidator to publish notice in Block letters/Bold letters to contributories to prove the claim/extent of interest held by the contributories in the subject company in liquidation, in the prescribed form in the newspapers, one issue in English Daily "The New Indian Express" (in Southern Edition) and one issue in Tamil Daily "Dina Mani" (in Tamilnadu Edition).
d) To permit the Official Liquidator to incur the advertisement Page No.1/8
expenses in this connection from and out of the funds of the company in liquidation.
e) To permit the Official Liquidator to incur any other expenses in connection with invitation of claims from contributories from and out of the funds available to the credit of the company in liquidation and f) To pass any such order/orders that the Hon'ble Court deem fit and proper in the circumstances of the case.'
2. 'BPL Broadband Networks Limited' [hereinafter 'said company' for the sake of convenience and clarity] is the company which has gone into liquidation in main Company Petition at the instance of a petitioning creditor.
3. 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, adverting to a 'report of OL dated 15.06.2022' [hereinafter 'said report' for the sake of convenience and clarity] submits that said report has been filed in support of captioned application. It is submitted by learned Deputy OL that this Company Court in and by order dated 22.10.2007 has appointed OL as Liquidator qua said company inter alia with directions to take charge of assets and Page No.2/8
effects of said company. Thereafter, the trajectory which the winding up proceedings took has been captured in paragraph Nos.3 to 7 of said report and a scanned reproduction of the same is as follows: Page No.3/8
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4. The fund position of said company has been captured in paragraph No.8 of said report and the same reads as follows: '8. The funds position of the company as on 06.05.2022 is as given below:- Cash - Nil Bank - Rs. 97,778.00 Investment - Rs. 21,25,000.00 --------------------- Total Rs. 22,22,778.00 ----------------------'
5. Aforementioned paragraph No.8 reveals that fund position of said company is by way of balance of a little over Rs.22.22 Lakhs. A careful perusal of aforementioned multi-limbed prayer in the captioned application read in the context of said report, portions of which have been extracted and reproduced supra, seen in the light of the submission made by learned Deputy OL makes it clear that prayers in the captioned application if answered in the affirmative will enure inter alia to the benefit of workmen qua said Company.
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6. Therefore, the sequitur is, captioned application is ordered as prayed for. There shall be no order as to costs. 24.06.2022 mk Page No.7/8
M.SUNDAR, J., mk in C.P.No.103 of 2005 24.06.2022 Page No.8/8