THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.225 of 2010 Dated:29th March, 2010 Between: M/s. Preyanshu Industries Limited (in liquidation) rep. by the Official Liquidator, High Court of A.P., Hyderabad. ….Applicant **** THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.225 of 2010 ORDER: This is an application filed by the Official Liquidator on behalf of M/s.Preyanshu Industries Limited (in liquidation) seeking permission to invite the claims against the company in liquidation from the creditors under Sections 528, 529, 529-A and 530 of the Companies Act, 1956; to publicize the notice inviting the claims in the daily newspapers of “ANDHRA JYOTHI” and “DECCAN CHRONICLE” circulating at Hyderabad and to meet the costs of the advertisement from the funds of the Company; and also to issue individual notices to the creditors of the Company as per details furnished in the Statement of Affairs filed by the Ex-Directors of the company. 2. D.Vijaya Bhaskar, Official Liquidator has sworn to the affidavit filed in support of the application. By Order dated 27.04.2005 passed in R.C.C.No.10 of 2003, M/s.Preyanshu Industries Limited was directed to be wound-up. The Official Liquidator seized the assets of the Company and sold the same i.e., movable equipment and furniture at Azambad, Hyderabad and at Chirag Ali Lane, Hyderabad, and realized an amount of Rs.1,24,00,000/-. The sale came to be confirmed by this Court on 24.04.2006 vide C.A.No.1420 of 2005. The Official Liquidator disbursed an amount of Rs.85,65,000/- to IDBI (SASF) and Rs.1,15,000/- to Canara Bank as interim dividend in September, 2006. Apart from that, an amount of Rs.1,32,716/- was also paid to IDBI (SASF) towards reimbursement of liquidation expenses in September, 2007. As on this day, an amount of Rs.41,00,000/- is available to the credit of the Company (in liquidation). Hence, this application seeking the afore said reliefs. 3. Heard learned counsel appearing for the applicant and perused affidavit filed in support of the application. 4. Since an amount of Rs.41,00,000/- is available to the credit of the Company (in liquidation), the same is required to be disbursed to the secured creditors by inviting the claim against the company in liquidation. 5. Accordingly, the company application is allowed permitting the Official Liquidator to invite the claims against the company (in liquidation) from the creditors and to publicize the notice inviting the claims in the daily newspapers of “ANDHRA JYOTHI” and “DECCAN CHRONICLE” circulating at Hyderabad and to meet the costs of the advertisement from the funds of the Company (in liquidation). The Official Liquidator is also permitted to issue individual notices to the creditors of the Company as per details furnished in the Statement of Affairs filed by the Ex-Directors of the company. No costs. ______________________ B.SESHASAYANA REDDY, J. Date:29th March, 2010. cs THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.225 of 2010 Dated:29th March, 2010