Official Liquidator Of Octopussy Exports Ltd. (In Liquidation) v. Maharashtra Hybrid Seeds Ltd. (Petitioner)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION Digitally signed by VASANT ANANDRAO IDHOL Date:

2026.02.10 10:56:13 +0530 VASANT ANANDRAO IDHOL OFFICIAL LIQUIDATOR REPORT NO.39 OF 2026 IN COMPANY PETITION NO.569 OF 1998 In the matter of Companies Act, I, 1956 And In the matter of Octopussy Exports Ltd. (In Liqn.) Maharashtra Hybrid Seeds Ltd.

...Petitioner

Ms.Apurva Thipsay for the Official Liquidator. Mr.Satyajit Roul, Official Liquidator and Mr.Anil Bhagure, Dy.Official Liquidator are present.

CORAM : ARIF S. DOCTOR , J.

DATE : 6TH FEBRUARY, 2026.

P.C. :- 1.

The Official Liquidator has by way of the present Official Liquidator Report sought the following directions :- a) In view of para (12) of this report, whether this Hon'ble Court would be pleased to permit the Official Liquidator to re-pay the preliminary 1/3

expenses amount of Rs.5000/- (Rupees Five thousand only) to the petitioner Maharashtra Hybrid Seeds Ltd: b) In view of para (17) of this report, whether this Hon'ble Court would be pleased to dispense with the filing of Half Yearly Accounts and Final account by the Official Liquidator as required under Rule 298 of the Companies (Court) Rules, 1959; c) In view of para (18) of this report, whether this Hon'ble Court may be pleased to consider it being just and reasonable to order dissolution Octopussy Exports Limited under Section 481(1) of Companies Act, 1956 as the Official Liquidator cannot further proceed with winding up of the company for want of funds and assets ;

d).

If the direction to prayer (c) is in affirmative and in view of para (14), whether this Hon'ble Court would permit the Official Liquidator to write off Rs.8,206/-(Rupees Eight Thousand Two Hundred and Six Only) along with 12% interest thereon spent from Common Pool Fund maintained by the Official Liquidator as not being recoverable from the funds of the Company (In Liqn.);

e) If in view of para (19) of this report, whether this Hon'ble Court would be pleased to permit the Official Liquidator to preserve the files/papers/records maintained by the Official Liquidator pertaining to Octopussy Exports Limited for a period of 05 years, as required under Section 550 of the Companies Act, 1956 and thereafter destroy the records;

f) In view of para (20) of this report, in case 2/3

at a later stage if any objection of any creditors of the Company (In Liqn.), whether this Hon'ble Court may be pleased to permit the Official Liquidator to file necessary report seeking dissolution of the company as void under the provision of Section 559 of the Companies Act, 1956;

2.

Heard. Having due regard to the submissions made and having noted the fact that there are no funds available with the Company in liquidation to carry on with the liquidation proceedings will be futiled. Thus the Official Liquidator Report is allowed in terms of the prayer clauses (a) to (f). 3.

The Official Liquidator Report is disposed of. (ARIF S. DOCTOR, J.) 3/3