OFFICIAL LIQUIDATOR HIGH COURT Vs. S. RAVISHANKAR

JUDGEMENT

(1.) THIS application is taken out by the official liquidator for a declaration that the Respondents are personally liable for the debts and other liabilities of the company under liquidation; to examine the conduct of the Respondents under Sections 542 and 543(1) of the Companies Act, 1956, and order that they are jointly and severally liable to contribute to the assets of the company in liquidation by way of compensation for the loss caused by them to the company in liquidation to the extent of Rs. 2,36,49,643 and the future claims from the creditors with interest at the rate of 12 per cent per annum thereon from the date of winding up, viz., 17 September, 2003, till the date of recovery of the entire amount; to declare the liabilities of Respondents Nos. 1 to 4 for the said amount and the future claims of the creditors together with interest thereon shall constitute the first charge on the property and effects in their possession; and to direct payment of costs.

(2.) BY an order dated 17 September, 2003, passed in Company Petition No. 6 of 2001, Indus Marketing Ltd., was wound up and the official liquidator was directed to take charge of the assets and effects of the company. The said company was incorporated on 21 June, 1991, with a nominal capital of Rs. 10 lakhs and its latest registered office was at No. 4, Mannar Reddy Street, T. Nagar, Chennai. The main objects of the company were to market, distribute, stock, trade, import, export, buy, sell or otherwise deal in all consumer durables, household articles, industrial products, electrical, electronic, mechanical goods and other goods of any nature.

(3.) AS per the direction of this Court dated 22 February, 2008, the official liquidator has appointed Murray & Company, auctioneers, who sold the movables assets belonging to the company under liquidation by public auction and realised an amount of Rs. 1,03,000. After the sale consideration was received from the auction purchaser, as per the order of this Court dated 17 April, 2008, an official from the office of the official liquidator had handed over the vacant possession from the registered office to Mrs. Kothai Rajan, the owner of the premises on 22 April, 2008.