Official Liquidator Of Thia Chem (India) Pvt. Ltd. (In Liquidation) v. Modi Chem Plast Material Pvt. Ltd. (Petitioner)

1/5

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION

(44) OFFICIAL LIQUIDATOR REPORT NO. 131 OF 2026 IN COMPANY PETITION NO. 150 OF 1999 In the matter of Companies Act, 1 of 1956;

And In the matter Fouzak Machine Tool Pvt. Ltd. (In Liqn.) Mr. Ismail Kanga And Anr.

...Petitioners

AND

(45) OFFICIAL LIQUIDATOR REPORT NO. 132 OF 2026 IN COMPANY PETITION NO. 32 OF 1988 In the matter of Companies Act, 1 of 1956;

And In the matter of Pentagon Stainless Steel Casting and Alloys Pvt. Ltd.

(In Liqn.) Security & Personnel Services Pvt. Ltd.

...Petitioner

AND

(48) OFFICIAL LIQUIDATOR REPORT NO. 135 OF 2026 IN COMPANY PETITION NO. 375 OF 2003 In the matter of Companies Act, 1 of 1956;

And In the matter of Comet Foods and Metals Limited. (In Prov. Liqn.) M/s. Coates Coating India Ltd.

...Petitioner

2/5 AND

(50) OFFICIAL LIQUIDATOR REPORT NO. 137 OF 2026 IN COMPANY PETITION NO. 5 OF 2016 In the matter of Companies Act, 1 of 1956;

And In the matter of Bagla Venture Pvt.

Ltd. (In Liqn.) M/s. Lalit & Surendra

...Petitioner

AND

(51) OFFICIAL LIQUIDATOR REPORT NO. 138 OF 2026 IN COMPANY PETITION NO. 467 OF 2006 In the matter of Companies Act, of 1956;

And In the matter of Thia Chem (India) Pvt. Ltd. (In Liqn.) Modi Chem Plast Materials Pvt. Ltd.

...Petitioner

_______ Mr. Abhishek Nair i/b Federal & Company, for the Petitioners. Ms. Akanksha Agrawal, for the Official Liquidator. Mr. Anil Bhagure, Dy. Official Liquidator.

Mr. Chetan Shelke, Dy. Official Liquidator, present. Mr. J. P. Gautam, Dy. Official Liquidator, present. _______ CORAM : ARIF S. DOCTOR, J.

th MARCH, 2026 DATE : 27 P.C.

1.

These matters are for permanent dissolution of the companies in liquidation. However, Ms. Agrawal, learned counsel for the Official Liquidator points out that the companies in liquidation do not have any recoverable assets.

3/5 She seeks dissolution of the companies in question and consequential dispensation with the compliances which would otherwise be required during the course of final dissolution of companies 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.

For convenience, the same is reproduced below: Sr.

OLR No.

Date of Funds Claims No.

Winding Up available In CP No.

(In Rs.)

44. OLR No. 131 of 13/07/2007 Rs. 5,000/- Claims were invited via notice in CP No. 150 (deposited published on 22/01/2026 in Free (Fouzak of 1999 towards Press Journal and Navshakti, with Machine Tool preliminary last date as 05/02/2026. No claims Private expenses) were received from workers or Limited) creditors. (Para 9-10)

45. OLR No. 132 of 26/03/1992 Nil Claims were invited pursuant to in CP No. 32 order dated 31/12/2012, published (Pentagon of 1988 in Free Press Journal and Navshakti Stainless Steel with last date 31/01/2013. No Casting and claims received from workers or Alloys Pvt. Ltd.) secured creditors. (Para 7)

48. OLR No. 135 of 17/04/2007 Nil Claims invited pursuant to order in CP No. 375 dated 16/01/2026, published on (Comet Foods of 2003 22/01/2026 in Free Press Journal

4/5 and Metals and Navshakti, with last date Limited) 05/02/2026. No claims received from workers or creditors. (Para 12 - 13)

50. OLR No. 137 of 03/05/2018 Nil Claims invited pursuant to order in CP No. 5 of dated 16/01/2026, published on (Bagla Venture 22/01/2026 in Free Press Journal Private and Navshakti, with last date Limited) 05/02/2026. No claims received from workers or creditors. One suo moto claim from State Tax Department for Rs. 2,57,67,530/-.

(Para 6-8)

51. OLR No. 138 of 10/08/2010 Nil.

Claims invited pursuant to order in CP No. 467 dated 19/12/2012, published in (Thia Chem of 2006 Free Press Journal and Navshakti (India) Private with last date 15/02/2013. No Limited) claims received from workers or secured creditors. (Para 12) 4.

Learned counsel for the Official Liquidator has 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 1, Meghal Goan Riviera Resorts Private Limited through the Official Liquidator 2, Delfin Expo Mart Vs. Royal Homes (P) Ltd. Vs. Shree Niwas Gimi K. K. Samiti 1 (2024) SCC Online Bom 751 2 (2007) 7 SCC 753

5/5 3, Re-Vikas Motors Pvt. Ltd.

4, Indiana Spices and Foods Regency Fashions Pvt. Ltd.

5 and Lalaji Paper Mills Pvt. Ltd 6.

Industries Ltd.

5.

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.

6.

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. 7.

Hence, the Official Liquidator's Reports are allowed as prayed for. [ARIF S. DOCTOR, J.] 3 (2023) SCC Online Del 3866 4 (2023) SCC Online Del 4634 5 (2020) SCC Online Del 705 6 (2019) SCC Online Del 10739