The Official Liquidator v. Nil

SENTHILKUMAR RAMAMOORTHY, J By this application, the Official Liquidator seeks dissolution of M/s.Seshasayee Industries Limited, a company in liquidation and also for directions incidental or ancillary thereto.

2. In support of this application, a report dated 29.09.2022 is placed on record. In the said report, it is stated that the company was ordered to be wound up by order dated 20.12.1996 and the Official Liquidator was directed to take charge of the assets and affairs of the company. It is further stated that one of the secured creditors of the company, ICICI Bank, brought the secured assets of the company for sale for a total sum of Rs.12.60 crore. From and out of the said sum, a sum of Rs.3,51,77,000/- was remitted with the Official Liquidator. The Official Liquidator called for claims from creditors on 31.05.2004. Upon adjudication, the claims made by workmen for a sum of Rs.18,62,69,747/- were admitted to the extent of Rs.12,71,88,777/-. Based on the orders passed by this Court earlier, sums of Rs.3,57,03,069/- + Rs. 23,52,992/- were disbursed to the workmen creditors at 28% plus 1.85% of the admitted claim. The Official Liquidator states that the company has a sum 1/3

of Rs.74,631.76 to its credit. The final accounts were audited by M/s.Sarathy & Vasu, LLP, Chartered Accountants and the said auditors have stated that the said accounts provide a true and fair view and are in accordance with accepted general accounting principles in India.

3. Upon taking into account the report of the Official Liquidator and the annexures thereto, it appears that no assets are available after the sale by the secured creditor and only a sum of Rs.74,631.76 is available to the credit of the company. In these circumstances, no useful purpose would be served in continuing with the winding up and it is just and reasonable to dissolve the company.

4. Accordingly, this application is allowed in terms of the reliefs prayed for under clauses (b) to (f) of the Judge's summons. As a consequence of the dissolution, upon completing the tasks in terms of this order, the Official Liquidator stands discharged as the Liquidator of M/s.Seshasayee Industries Limited.

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SENTHILKUMAR RAMAMOORTHY, J kal 14.10.2022 3/3