A.M.O.GURUNARAYANA RAO Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This application is filed for stay of all further proceedings in C.P.No.216 of 2002, to discharge the Official Liquidator from the affairs of the company and to direct the Official Liquidator to handover all the books and records, which are in the possession of the Official Liquidator to the applicants.

(2.) I heard the learned counsel for the applicant, the Deputy Official Liquidator and the learned counsel for the purchaser of the Registered Office Premises of the Company.

(3.) The learned counsel for the applicant submits that the applicant has undertaken to discharge any unsettled depositors claims and also the claims of statutory and non statutory bodies as and when such claims are received, if the Official Liquidator is discharged and the company is handed over to the applicant / Ex-Director. At the previous hearing, the Official Liquidator was directed to file a report quantifying the aggregate expenses incurred in the course of liquidation proceedings. Pursuant to the said order the Official Liquidator filed a further report dated 15.11.2019 wherein the Official Liquidator quantified the expenses incurred in respect of the company in liquidation at Rs.2,14,514/-. In addition, the Deputy Official Liquidator submits that further amounts may be payable to the counsel who handled the contempt petition. Therefore, he requested that the total expenditure be taken as Rs.2,55,000/-. In the said report, the Official Liquidator has set out a statement of income and expenses, wherein the total income has been quantified as Rs.4,83,45,367.70/- and the total disbursements / expenses as Rs.3,34,94,327.34/- leaving a balance of Rs.1,48,51,040.36/- as on 31.10.2019. In the earlier report of the Deputy Official Liquidator dated 01.11.2019, the Official Liquidator had stated that Income Tax proceedings are pending before the appellate authorities in respect of a demand of Rs.2,91,32,568/-. He had further stated that a total of 951 claims were received from the depositors and about 5411 depositors did not make claims. It was further stated therein that four claims were adjudicated later and that the admitted sum of Rs.1,33,750/- has not been paid. Therefore, it is submitted that the Ex-Directors should undertake to discharge all pending and future claims.