CP.No.216 of 2002 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 31.01.2020 CORAM THE HONOURABLE Ms. JUSTICE P.T. ASHA CP.No.216 of 2002 1. K. JAUAVELU 2. L. SUBBA RAO 3. JAYABALAN RAJU 4. V.R. PARTHASARATHY ...Petitioners Vs 1 THIRU-VI-KA NAGAR BENEFIT FUND LTD. REP. BY ITS COMMR. APPOINTED BY THE HIGH COURT CHENNAI-104. 2 A.M.O.SRESHTY DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 3 A.M.O.HARI HARESWARA RAO. DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 1/11 http://www.judis.nic.in CP.No.216 of 2002 4 A.M.O.GURUNARAYANA RAO DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 5 G.V.SRINIVASALU DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 6 A.M.SAROJINI DEVI DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 7 R.K.GEETHA RAJAN DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 8 A.M.H.UMA MAHESWARI DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 9 M.G.BHARATHI DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 10 RANGAN N.KANNAN F.C.A. ALL AT 15 IIND STREET ANDAL AVENUE CHENNAI-82. ...Respondents PRAYER: Company Petition is filed under Section 433 (f) of the Companies Act, 1956 to wind up the company "Thiru-Vi-Ka Nagar Benefit Fund Ltd." under the provisions of the Companies Act and to 2/11 http://www.judis.nic.in CP.No.216 of 2002 appoint the Commissioner S.Vijayarangan, Retired District Judge, No.72, Law Chambers, High Court, Chennai as the Administrator along with Official Liquidator of the company as has been appointed by this Hon'ble Court. For Petitioners : Mr. Bavaishetty Sridhar For Respondents : Mrs. C.Deepa Nandini for R4 to R6 O R D E R The above Company Petition had been initiated by K.Jayavelu and three others against the company in liquidation and its directors. 2. By order dated 05.08.2008, this Court is pleased to wind up the Company and thereafter by order dated 24.10.2008, the Official Liquidator was appointed as Liquidator of the Company in liquidation. 3. Pursuant to his appointment, the Official Liquidator had taken charge of all the immovable and movable assets of the Company including its records. 3/11 http://www.judis.nic.in CP.No.216 of 2002 4. By order dated 05.08.2008, the Ex Directors were directed to file a statement of affairs with the Official Liquidator, which was done by them. Thereafter the Official Liquidator called for the claims from the depositors of the company in the year 2008. The Official Liquidator has sold the immovable and movable assets of the company on 17.06.2011 and 03.09.2012 originally for a total consideration of Rs.2,82,40,000/-, both the immovable and the movable assets. The Official Liquidator had also disbursed the depositors' claim to the tune of Rs.2,30,10,848/- and what remained was only the claims of 74 depositors to the tune of Rs.30,41,030/-. The petitioning creditors were also settled by the Official Liquidator, which is also confirmed by the Official Liquidator in his letter dated 14.05.2019. It is also seen that thereafter the Directors had taken out an application in Comp.A.No.198 of 2019 seeking stay of all further proceedings in Comp.P.No.216 of 2002 and discharging the Official Liquidator from the affairs of the Company and directing the Official Liquidator to handover all the books and records, including Bank records, Pass Books, Cheque Books and all other assets and things, etc., relating to the Company viz., "M/s. Thiru-vi-ka Nagar Benefit Fund Ltd., (in 4/11 http://www.judis.nic.in CP.No.216 of 2002 liquidation)" available in the possession of the Official Liquidator to the applicants herein. 5. By order dated 15.11.2019, this Court in Comp.A.Nos.198 to 200 of 2019, issued the following directions; i) The Official Liquidator is permitted to appropriate the sum of Rs.2,55,000/- from and out of the funds available to the credit of the company in liquidation. ii) The applicant shall discharge the claims of the 4 depositors, as specified in paragraph 7 of the report dated 1.11.2019 of the Official Liquidator, amounting to a sum of Rs.1,33,750/- from and out of the funds of the Company after take over, without recourse to the Official Liquidator. The applicant shall make payment of Rs.1,33,750/- to the 4 5/11 http://www.judis.nic.in CP.No.216 of 2002 depositors within two weeks from the date of taking over the assets and affairs of the company from the Official Liquidator. iii) The Applicant shall deal with and discharge the liabilities to depositors based on claims that may be made in future from and out of the funds of the company after take over without recourse to the Official Liquidator. iv) The Applicant shall discharge all statutory and non statutory liabilities of the company without recourse to the Official Liquidator. v) The Official Liquidator would stand discharged after the above mentioned appropriation is made and upon handing over the available books and records of the company to the applicant. vi) The Official Liquidator is directed to 6/11 http://www.judis.nic.in CP.No.216 of 2002 hand over all available books and records of the company in liquidation, except the original title deeds of the Registered office to the applicant after preparing a proper inventory and obtaining an acknowledgement from the Applicant. vii) The Official Liquidator is directed to hand over the available original title deeds of the Registered office premises to Mr.J.Naina Mohamed, S/o.Jamaludeen, No.16/62, Pari Street, Choolaimedu, Chennai 54, the successful bidder in whose favour the sale of the said property was confirmed. viii) The applicant shall indemnify and keep the Official Liquidator indemnified in respect of all claims, without limit, against the company. ix) Subject to the aforesaid conditions, there shall be a permanent stay of the order 7/11 http://www.judis.nic.in CP.No.216 of 2002 of winding up dated 24.10.2008 in CP.No.216 of 2002. 6. These orders have also been complied with. The applicant would submit that the only liability remaining was in a sum of Rs.1,30,000/- which has also been paid by him and the amounts payable to the 74 claimants have also been kept aside by the Official Liquidator. 7. In the above circumstances, it is evident that there remains no debt in sofaras the company in liquidation is concerned as all the debts have been settled. Therefore, the winding up order dated 24.10.2008 has been set aside and consequently, the Official Liquidator is discharged. 8. In the light of the setting aside of the winding up order and the discharge of the Official Liquidator, it is open to the applicant in Comp.A.No.198 of 2019 to approach the Registrar of Companies to 8/11 http://www.judis.nic.in CP.No.216 of 2002 revive the company and to handover the management of the company to its directors. 9. With the above directions, CP stands closed. 31.01.2020 mrn Index: Yes/No Speaking order/non-speaking order Note: Issue order copy on 03.02.2020 To, 1 THIRU-VI-KA NAGAR BENEFIT FUND LTD. REP. BY ITS COMMR. APPOINTED BY THE HIGH COURT CHENNAI-104. 2 A.M.O.SRESHTY DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 3 A.M.O.HARI HARESWARA RAO. DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 4 A.M.O.GURUNARAYANA RAO DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 9/11 http://www.judis.nic.in CP.No.216 of 2002 5 G.V.SRINIVASALU DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 6 A.M.SAROJINI DEVI DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 7 R.K.GEETHA RAJAN DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 8 A.M.H.UMA MAHESWARI DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 9 M.G.BHARATHI DIRECTOR OF THIRU-VI-KA NAGAR BENEFIT FUND LTD. 10 RANGAN N.KANNAN F.C.A. ALL AT 15 IIND STREET ANDAL AVENUE CHENNAI-82. 10/11 http://www.judis.nic.in CP.No.216 of 2002 P.T.ASHA, J., mrn CP.No.216 of 2002 31.01.2020 11/11 http://www.judis.nic.in