Company Petition No. 5 of 1995 · High Court · 2025
Case at a glance
Provisions considered
Key paragraphs
- Para 22. The Official Liquidator submits that there are no assets tothe credit of the company. The land belonging to the company wasacquired by the land acquisition authority. The company receivedpayment of compensation of Rs. 3,40,811/-. The total claimsreceived were of Rs. 1,11,550/-. These claims have…
Judgment
cmp 5.1995IN THE HIGH COURT OF JUDICATURE AT BOMBAYNAGPUR BENCH : NAGPURCompany Petition No. 5 of 1995[In the matter of M/s. Glee India Real Estate and Finance Ltd. (in liqn.)]---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Office Notes, Office Memoranda of Coram, Court's or Judge's ordersappearances, Court's orders of directionsand Registrar's orders---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Mr. Deepak Persoya, Official LiquidatorCORAM :ANIL L. PANSARE, J.DATE :04-07-2025Heard.
The Official Liquidator submits that there are no assets tothe credit of the company. The land belonging to the company wasacquired by the land acquisition authority. The company receivedpayment of compensation of Rs. 3,40,811/-. The total claimsreceived were of Rs. 1,11,550/-. These claims have been adjudicatedand rejected. Accordingly, he makes a request to proceed under Section 481 of the Companies Act, 1956 (for short’ the Act of 1956’)by permitting him to deposit the amount in common pool fund bydeducting the administrative expenses of Rs. 1,90,000/-. Permissionis granted.
Proposal appears to me just and proper. There are nowneither assets nor liabilities against the company.
As the affairs of a company have been completely wound-up, it is just and reasonable that in the circumstances of the case, anorder of dissolution of the company should be made. The companyunder question viz. ‘Glee India Real Estate and Finance Limited’ isaccordingly ordered as dissolved in terms of sub-section (1) of Section 481 of the Act of 1956. (2) cmp 5.19955.The Official Liquidator shall forward copy of the order tothe Registrar of the Companies in terms of sub-section (2) of Section481 of the Act of 1956.
The Official Liquidator shall deposit the amount lying tothe credit of the company in common pool fund after deductingamount of Rs. 1,90,000/- towards administrative expenses.
The proceedings are closed. (Anil L. Pansare, J.)wasnik
Precedent status how later indexed judgments have treated this case
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