THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1553 of 2011 10th November, 2011 Between :- M/s.Delhi Tubes Ltd (in Liqn) Rep.by the Official Liquidator, High Court of Andhra Pradesh, Hyderabad .. Applicant And Andhra Pradesh State Financial Corporation Ltd., Rep.by the Senior Branch Manager, 22-95, Reddy Complex, Lingampally Circle, Ramachandrapuram Branch Hyderabad and others .. Respondents THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1553 of 2011 ORDER:- This application has been taken out under Section 487 of the Companies Act, 1956 and Rules 281, 282 and 9 of the Companies (Court) Rules, 1959 seeking an order of dessolution of the Company (in Liqn) i.e., M/s.Delhi Tubes Ltd. This Court by an order dated 10-4-2000 in RCC No.5 of 1998 directed for winding up of M/s.Delhi Tubes Limited and appointed the Official Liquidator attached to this Court to take charge of the assets of the Company in terms of Section 449 of the Companies Act, 1956. Andhra Pradesh State Financial Corporation Limited (APSFC) filed application vide C.A.No.357 of 2001 under Section 446 of the Companies Act, 1956 seeking permission to remain outside the liquidation proceedings to pursue the statutory remedies under Sections 29 and 31 of the Companies Act, 1956. The said application came to be allowed by this Court on 18-7-2001 imposing certain conditions. APSFC sold the fixed assets and other assets hypothecated/mortgaged to it by the Company to one M/s.B.G.Steels (P) Ltd., for Rs.253.10 lakhs. United Bank of India filed C.A.No.917 of 2002 and sought permission to sell the current assets by inviting fresh sealed tenders. Pursuant to the directions of this Court, the Official Liquidator conducted auction in the presence of the secured creditor on 16-1-2003. Sale in favour of M/s.Radha Steel came to be confirmed and assets came to be delivered to the highest bidder as per the order dated 21-1-2003 in C.A.No.917 of 2002. The Official Liquidator invited claims from the creditors of the Company as per order dated 20-6-2006 passed in C.A.No.573 of 2006. Two claims have been received by the Official Liquidator apart from workmen of the Company (in Liqn). The Official Liquidator filed application for Form No.71 relating to the above two claims. The said Form No.71 was taken on record by this Court on 4-12-2008 as per orders C.A.No.1493 of 2007. The Official Liquidator declared and disbursed the dividend to the secured creditor after obtaining permission from this Court. The final dividend was paid to the alone workman amounting to Rs.20,184.25 P.S., as per the directions of this Court vide order dated 20-7-2010 made in C.A.No.563 of 2010. After disbursement of the final dividend, an amount of Rs.34,451.81 P.S., is lying to the credit of the Company. Since the Official Liquidator completed the liquidation proceedings, the instant application has been moved seeking the prayer stated supra. Heard learned Counsel appearing for the Official Liquidator and perused the material placed on record. As on this day, the assets of the Company (in Liqn) have been sold and sale proceeds have been distributed to the secured creditor and workman. Except an amount of Rs.34,451.81 P.S., no amount is lying with the Official Liquidator nor any of the assets of the Company under the control of the Official Liquidator. In that view of the matter, I do not see any impediment in dissolving the Company (in Liqn) from the date of this order. Accordingly, the application is allowed taking the half-yearly account for the period ending 31-3-2011 and the period thereafter i.e., from 1-4-2011 to 22-7-2011 along with Auditors Reports and approving the action of appointing M/s.Padmanabha Rao & Co., Chartered Accountants, for auditing the accounts of the Company. The Official Liquidator is permitted to pay the fees to the above said Chartered Accountants for auditing the accounts as claimed by them. Filing of annual and final accounts of the Company is dispensed with. Remitting of the Central Government fees for the period from 1-4-2011 to till date in view of the nil realizations on account of Company is also dispensed with. The Official Liquidator is permitted to transfer the balance amount lying to the credit of the Company to the Company Liquidation Account being maintained by the Registrar of Companies, Andhra Pradesh, Hyderabad, after deducting the auditors fees and liquidation expenses. M/s.Delhi Tubes Limited stands dissolved from the date of this order. The Official Liquidator is permitted to dispose/destroy the books and records of the Company after expiry of five years from the date of order of dissolution. No costs. _________________________ B.Seshasayana Reddy, J 10th November, 2011 smr