GUEST KEEN WILLIAMS LTD. Vs. JOSH INDIA LTD.

JUDGEMENT

(1.) THIS petition was filed by Guest Keen Williams Ltd. a creditor under Sections 434 and 439 of the Companies Act, a petition under Sections 433, 434 and 439 was admitted by this Court on 1 -9 -1992 the Official Liquidator attached to this Court was appointed as the provisional liquidator of the company. The company was thereafter directed to be wound up by an order passed on 25 -9 -1997.

(2.) THE matter was listed on 7 -12 -2006 when the court noted that after December, 1999, the official liquidator had not taken any further steps and no status report/compliance report had been filed. It is noteworthy that a report stood filed in the court only one day prior to the date of hearing. No further or effective steps had been taken in the matter after 1995 to comply with the statutory provisions and the rules framed thereunder for a period of almost twelve (12) years. The court noted that recovery proceedings against the creditors of the company had thereby become barred by limitation.

(3.) IT was noticed in the order on 7 -12 -2006 that as there was a lapse on the part of the Official Liquidator office, an inquiry was directed to be conducted by the official liquidator to ascertain the persons/officers responsible for the lapses. A period of four months was given to file the report.