Official Liquidator Of Suyash Properties Pvt. Ltd. (In Liquidation) v. Ravi N.Jain (Petitioner)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION

(9) OFFICIAL LIQUIDATOR REPORT NO. 113 OF 2025 IN COMPANY PETITION NO. 859 OF 2001 In the matter of Companies Act, I of 1956;

And In the matter of Suyash Properties Pvt.

Ltd. (in Liquidation) Mr. Ravi N. Jain

...Petitioner

AND

(10) OFFICIAL LIQUIDATOR REPORT NO. 120 OF 2025 IN COMPANY PETITION NO. 903 OF 2002 In the matter of Companies Act, I of 1956;

And In the matter of Flexex Technologies (india) Pvt. Ltd. (in Liquidation) Patni Computer Systems Pvt. Ltd.

...Petitioner

AND

(12) OFFICIAL LIQUIDATOR REPORT NO. 122 OF 2025 IN COMPANY PETITION NO. 630 OF 1998 In the matter of Companies Act, I of 1956;

And In the matter of Scan Organics Ltd.

(in Liquidation) M/s. Lok Housing & Constructions Ltd.

...Petitioner

2/5 AND

(13) OFFICIAL LIQUIDATOR REPORT NO. 128 OF 2025 IN COMPANY PETITION NO. 299 OF 1991 In the matter of Companies Act, I of 1956;

And In the matter of Magnus Aerolubes Pvt. Ltd. (in Liquidation) M/S. Mafatlal Fine Spg. & Mfg. Co. Ltd.

...Petitioner

AND

(14) OFFICIAL LIQUIDATOR REPORT NO. 132 OF 2025 IN COMPANY PETITION NO. 826 OF 1997 In the matter of Companies Act, I of 1956;

And In the matter of Alpha Sunrise Agrochem (India) Ltd.

(in Liquidation) M.B. Parikh Finstocks Ltd.

...Petitioner

AND

(15) OFFICIAL LIQUIDATOR REPORT NO. 137 OF 2025 IN COMPANY PETITION NO. 1261 OF 1999 In the matter of Companies Act, I of 1956;

And In the matter of Lear Fastners Ltd. (in Liquidation) Venus Wire Industries Ltd.

...Petitioner

3/5 _______ Ms. Esha Todkar a/w Vinishi Jain i/b. Gagrats for Patni Computer systems Pvt. Ltd. For Petitioner.

Mr. Pulkit & Awasthi a/w Nishit Dhruva i/b MDP Legal for SEBI. Ms. Akanksha Agrawal for Official Liquidator. Mr. Satyajit Roul, Official Liquidator.

Mr. Anirudh Hariani for Official Liquidator.

Mr. Rushabh Sheth for Official Li quidator.

Mr. Anil Bhagure, Dy. Official Liquidator.

Mr. Chetan Shelke, Dy. Official Liquidator.

_______

CORAM

:

ARIF S. DOCTOR, J.

th DECEMBER 2025 DATE :

P.C.

1.

All these matters were placed on board today since a common issue arises. Each of the captioned Official Liquidator's Reports seeks dissolution of the Companies in question and consequential dispensation with the compliance which would otherwise be required during the course of final dissolution of a company in liquidation.

2.

For the convenience of the Court, the Official Liquidator has prepared a list setting out (i) the date on which the winding-up order was passed; (ii) the funds available; and (iii) the status of the claim in each of the companies. 3.

The details of each of the companies are set out as follows: Sr.

OLR NO.

Date of Funds Claims No.

Winding Up Available (In Rs.) 113 of 2025 (Suyash 19.07.2010 NIL Claims are not invited as Properties Pvt. Ltd.) (Para 6) there are no assets, no funds and no secured creditors of the Company. No suo moto

4/5 claims have been received. (para 8 and 2C) 120 of 2025 (Flexex 27.10.2010 10,000 Claims are not invited as Technologies Pvt. Ltd.) there are no assets, insufficient funds and no secured creditors of the Company. Only one claim of MTNL received.

(para 10 and 2C).

122 of 2025 (Scan Organics 24.03.2011 NIL Claims invited. No claims Ltd.) received, except ONE ordinary claim of Madras Stock Exchange for Rs. 2,10,000/- on 03.12.2013.

128 of 2025 (Magnus 15.06.1994 NIL No Claims invited under Aerolubes Pvt. Ltd.) Rule 148.

132 of 2025 (Alpha Sunrise 15.07.2004 5,000 Claims are not invited as Agrochem India Ltd.

there are no assets, no funds and no secured creditors of the Company.

(para 10 and 2C) 137 of 2025 (Lean Fastners 25.01.2007 NIL No Claims invited, no Ltd.) suo moto claims received.

Averred @ Para 11, Pg.

6.

4.

On a query from the Court as to why no claims were invited in respect of some of the aforesaid companies, it was pointed out that this was because those companies neither have any funds nor do they have any assets. This is set out in each of the reports filed by the Official Liquidator. It is in the context of these facts that the various directions have been sought.

5/5 5.

Learned counsel have also placed reliance upon various decisions which support the directions which are today sought for, useful reference can be placed upon the decision of this Court in the case of Goan Riviera Resorts Private 1, Meghal Homes (P) Ltd. Vs. Shree Niwas Limited through the Official Liquidator 2, Delfin Expo Mart Vs. Royal Regency Fashions Pvt. Ltd. 3, Vikas Gimi K. K. Samiti 4, Indiana Spices and Foods Industries Ltd.

5 and Lalji Paper Mills Motors Pvt. Ltd.

6.

Pvt. Ltd 6.

In each of the aforesaid decisions, the Court proceeded to allow dissolution of the company in liquidation since there was a lack of sufficient or substantial funds or assets, and no useful purpose would be served by keeping the process of winding-up or liquidation alive.

7.

Having heard learned counsel and having perused the judgments upon which reliance is placed, I am satisfied that a case has been made out for allowing the aforesaid Official Liquidator's Report. 8.

Hence, the Official Liquidator's Reports are allowed and disposed of as prayed for.

[ARIF S. DOCTOR, J.] 1 (2024) SCC Online Bom 751 2 (2007) 7 SCC 753 3 (2023) SCC Online Del 3866 4 (2023) SCC Online Del 4634 5 (2020) SCC Online Del 705 6 (2019) SCC Online Del 10739