Co. Appl. 140/10 //1// In the High Court of Judicature for Rajasthan Jaipur Bench ** Company Application No.140/2010 Official Liquidator of M/s Udaibhan Industries Ltd (In liquidation) Versus None Date of Order ::: 26/08/2010 Hon'ble Mr. Justice Ajay Rastogi Mr. Gopal K.Garg, for applicant (OL) Instant petition has been filed by Official Liquidator U/s 481 of Companies Act, 1956 ("the Co. Act") seeking permission to dissolve the Co. in liquidation. It has been averred in the application that initially by passing a resolution dt. 02/12/1956, one Shri Hardit Singh Gyani was appointed as it voluntary liquidator of M/s Udaibhan Industries Ltd (Co. in liquidation); and thereafter, the Company Court ordered to wind up the Co. in liquidation subject to supervision of the Court vide order dt. 28/04/1958. However, the Co. in liquidation was wound up subject to the condition that Shri Hardit Singh Gyani shall continue to be its voluntary liquidator and one Shri JM Budhiraja was appointed as an Additional Liquidator who died on 02/01/1969 and vide order dt.08/05/1969 (Ann.A) passed in Co. Case No.66/1968, Shri Hardit Singh Gyani was removed from the Office of Voluntary Liquidator and in his place, Official Liquidator attached to the Court was Co. Appl. 140/10 //2// appointed as Liquidator of Co. in liquidation U/s 524 of the Co. Act. It has come on record that there are no fixed or current assets of the Co. in liquidation and at one stage, voluntary liquidator (Shri Hardit Singh Gyani) had invested Rs.40,000/- out of the funds of Co. in liquidation with M/s National Planners Ltd which itself was in liquidation; against which the Official liquidator filed Co.Appl.No. 115/1969 U/s 468 read with S.526 (2) of the Co. Act, which was disposed of vide order dt.03/12/1970 (Ann.B.) observing that Shri Hardit Singh Gyani is required to pay Rs.40,000/- alongwith interest @ 12% with six monthly rests upto date and to deliver the books & records. In execution petition No. 15/1977, on payment of Rs.37,516/-, the High Court of Delhi vide judgment dt.21/1/2008 decided execution proceedings and observed that the decree has been satisfied and no balance further remains to be recovered by the OL. However, the matter further prolonged since expenses incurred by the OL in meeting out expenses towards payment made to the Counsel at different stages could not have been re-paid. Since there are no assets in the name of Co. in liquidation for realisation, the OL by instant application has proposed that the same may be waived and sought permission to Co. Appl. 140/10 //3// dissolve the Co. in liquidation as provided U/s 481 of the Co. Act. In the facts of the case, this Court considers it appropriate to dispense with the requirement of refund of the amount from the common pool fund of Companies in liquidation as prayed for. Having considered the material on record, this Court is satisfied that nothing remains to be examined by the OL and accordingly the Co. in liquidation stands dissolved in terms of 481 of the Co. Act and the OL may proceed in making further compliance provided under the Co. Act. As observed (supra), Co. Application stands disposed of. (Ajay Rastogi), J. K.Khatri/p.3/ 140Co.Appl2010-Aug26-S481.doc