IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THURSDAY ,THE EIGHTEENTH DAY OF AUGUST TWO THOUSAND AND TWENTY TWO PRESENT THE HONOURABLE SRI JUSTICE T.VINOD KUMAR COMPANY APPLICATION NO,7 OF 2022 IN COMPANY PETITION NO: tM OF 2000 IN THE MATTER OF THE COMPANIES ACT 1956 AND ln thqmatter of M/s. S.S.P. Polymerlndugles l.imlted Between: M/s S.S.P.Polymer lndustries Limited (in liqn.), Rep. by the Official Liquidator, For the State of Telangana and Andhra Pradesh Hyderabad. ...APPLICANT AND 1. The Branch Manager , Bank of lndia (secured creditor), PTI Building, 2nd Floor, Hyderabad, Telangana - 500 004. 2. Sri T.Jagan Mohan Reddy (petitioner), H.No.42l545/1, Kamalanagar, ECIL Post, Hyderabad. ...RESPONDENTS Application Under Section 481 of the Companies Act, 1956 Read with Rules 281, 282 and 9 of the Companies ( Court ) Rules, 1959 for dissolution of Company praying that this Hon'ble Court may be pleased to i. dispense with the service of notice on the Respondents herein as Official Liquidator has sought No Objection from both the Respondents above. ii form an opinion that the Liquidator cannot proceed with the winding up and that it is just and reasonable in the circumstances of the case to order for the dissolution of the company. iii take on record the Half Yearly Accounts for the periods from 01-04-2021 to 30-09-202'l and Affidavit of No Receipts or Payments for the period from 01- 10-2021 to 30-12-2021 since there is nil transactions, are being filed herewith and be taken on record. dispense with the filing of annual/final accounts of the company in view of the filing of the audited Half Yearly Accounts regularly in the company in liquidation order that M/s.S.S.P.Polymer lndustries Limited (ln Liqn.) be dissolved with effect from the date of lhe order vI permit the Official Liquidator to deposit the unspent money available at the credit of the companys account after meeting all incidental expenses of the winding up process, into the Companies Liquidation Account. v permit the Official Liquidator to dispose of /destroy the books of accounts and records of the company any day after expiry of 5 (five) years frorn the date of order of the dissolution of the company. lx permit the Official Liquidator to incur the cost of this application be met from and out of the funds of the company in liquidation . This Company Application coming on for orders upon reading the Company Application and the affidavit dated 31-12-2021 and filed by V.Santoshi Jagirdar, Official Liquidator ( ln - charge ) in support of the Company Application and upon hearing the arguments of Sri J. Srinadh Reddy, Counsel for the Official Liquidator for the Applicant arrd none appeared for the Respondents. The Court made the following: ORDER 7 dispense with the auditing of half yearty accounts for the periods from 01-04-2021 to 30-09-2021 and Affidavit of No Receipt6 or Payments for the period from 01-10-2021 to 30-12-2021. as there is no transactions. I I I t THE HON'BLE SRI JUSTICE T. VINOD KUMAR COMPA. No.7 of 2022 ORDER: This application is filed under Section 481 of the Companies Act, 1956 (for short 'the ActJ read with Rule 281, 282 &,9 of the Companies (Court) rules, 1959. 2. The reliefs sought for in the present application are as follows: ii iii. v t dispense with the service of notice on the Respondents herein, as Official Liquidator has already sought No Objection from all the Respondents; form an opinion that the Liquidator cannot proceed with the winding up and that it is just and reasonable in the circumstances of the case to order for the dissolution of the company; take on record the audited half yearly accounts for the periods frcm 0t/O4/2OZl to 3O/09/2O2t, and affidavit of No Receipts or Payments for the period from 01.1.0.2021. to 30.12.2021 since there is nil transactions are being filed herewith and be taken on record; dispense with audit of half yearly accounts for the periods from 01.04.2O2f to 30.09.2021. and affidavit of No receipts or payments for the period from 01.10.2021 to 30.12.2021 as there is no tra nsactions; dispense with the filing of annuaUfinal accounts of the company in view of the filing of the audited Half Yearly Accounts regularly in the Company in Liquidation; ord€r that M/s S.S.P.Polymer lndustries Limited (ln Liqn.) be dissolved with effect from the date of the order; permit the Official Liquidator to deposit the unspent money available at the credit of the company's account after meeting all incidental expenses of the winding up process, into the Companies Liquidation Account permit the Official Liquidator to dispose/destroy the books of accounts and records of the company on any day after expiry of 5 (five) years from the date of order of the dissolution of the company; 2 IX per the Official Liquidator to incur the cost of this application be met from and out of the funds of the Company in Liquidation; and pass such other order..." 3. Heard Sri J. Sreenadh Reddy, learned Counsel for the Official Liquidator, and perused the statement of affairs of the company in liquidation and other material as evidenced by Annexures A to G and also the affidavit dt.31.12.2021 filed by Smt. V Santosh Jagirdar, Official Liquidator. 4. The applicant contends that this Court, by order dt.o2.o2.2ool in cP.No.44 oI 2000, ordered winding up of M/s S.S.P.Polyner Industries Limited (company in liquidation). 5. As per r-he affidavit of the Official Liquidator, this Court vide order 13.03.2006 in CA.No. 1361 of 2005 directed the Official Liquidator to sell thc properties of the Company(in iiqn); thaL in pursuance of the said rocler, the Official Liquidator sold the properties; that vide order dt.04. 10 .2007 rn CA.No.1562 of 2OO7 in CA.No.158 of 2006 in CA.No.1361 of 2005 this Court accepted the offer of the Welfare Association of the Estate Employees ol the Office of the Official Liquidator, Hyderabad, for purchase of the properties of the company in liquidation for a sum of Rs.45,05,OO0 /-; and that this Court directed the Oflicial Liquidator to register the property in favour of the said X I i / 3 purchaser and deiiver possession of the same to the auction purchaser. 6. It is further stated that as directed by this Court vide order dt. 13.08.2007 in CA.No.141O of 2oO7, the Official Liquidator had invited the claims from the creditors of the company in liquidation, in response to which only one claim from Bank of India, being a lone/sole secured creditor of the company in liquidation, is received by the Ofhcial Liquidator. ; The said claim on adjudication was admitted for an amount of Rs.284.17 iakhs and filed Form No.71 before the Court and the same was taken on record by order dt.25.O3.2009 in CA.No.219 of 2OO9 and in pursuance to the said order of this Court and order dt.06.07.20L7 in cA.No.503 0f 2017, the olficial Liquidator had paid two dividends to the sole secured creditor in a sum of Rs.5 1,87,538.36. 7 . By the said affidavit is further stated that as the company in liquidation did not have sufficient funds, the Official Liquidator issued notice dt.22.ll.2O2l to the Branch Manager, Bank of India, Hyderabad and also to the petitioner in the CP.No.44 of 2000 to take notice and send objections, if any, for hiing dissolution application of the Company (in Liqn), but no reply has been received by the Official Liquidator, till the date of l I I 4 filing of this application; that there are no assets available in the name of the Company (in Liqn) for disposal; and that the funds available with the Ofhciai Liquidator are not sufficient to meet the costs of publishing advertisement in newspapers to invite claims from th(: creditors. B. Further, in COMPA.No.a33 of 2OO2, the Oflicial Liquidator filed report dt.05.03.2020 stating that only a sum of Rs.38,318.69 paise is available to the credit of the companf in liquidation; that as morc than 19 years have passed since passing of wilrding up ordcr on O2.O2.2OO 1; and that no cases are pending in any Court as per the available records and there is no further affairs to be pursued by thc Official Liquidator. 9. In view of the aforesaid circumstances, no useful purpose would be scrved in continuing the winding up proceedings without dissolving the company. i0. Therefore, this Company Application is accordingly allowed. The Ofl-rcial Liquidator shall transfer the available amount to the Company's Liquidation Account with the Reserve Bank of India. I 1. Consequently, C.P.No.44 of 2000, is closed. The Official Liquidator shall forward thr: certihed copy of this order to the f \ ll 5 I, Registrar of the Companies along with statement signed by the Official Liquidator, as mandated Companies (Court) Rules, 1959' under Rule 282 ol th,e Sd/. B.S. CHIRANJEEVI JOr //TRUE COPY' NT REGISTRAR ,. 1\ - li, 1\ \ i r SECTION OFFICER To 1. The Official Liquidator, M/s S.S.P. Polymer Industries Limited (ln Liqn.), Office at 1" floor Corporate Bhawan, Nagole, Bandlaguda Thattiannaram Village Hayathnagar [Vlandal, Ranga Reddy District, Telangana State Pin Code 500 680. 2. The Registrar of Companies, Ministry of Corporate Affairs, Government of lndia 2nd floor Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District, Telangana State Pin Code 500 680. 3. The Regional Director, South Eastern Region, Ministry of Corporate Affairs, 3'd floor Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District Telangana State Pin Code 500 680. 4. One CC to SRl. J SRINADH REDDY, Counsel for Offlcial Liquidator. 5. Two C.D.Copies r{ t HIGH COURT TVK,J DATED:181081?-022 ORDER COMPANY APPLICATION No.7 of 2022 IN COMPANY PETITION NO. 44 OF 2OOO l( .r (j} ? B li\lt ?[n ;.1. l;44p;6 t. \-.-,..'-'-.-'- ALLOWING THE COMPANY APPLICATION tn t"\t l11 Affia I \-t @