OFFICIAL LIQUIDATOR Vs. XXXX

JUDGEMENT

(1.) THIS application has been moved by the Official Liquidator, attached to this Court, under Section 481 of the Companies Act, 1956 (for short `Act') for dispensing with the requirement of filing the accounts and audit of the Company (in liquidation), since it has no funds to its credit; and for dissolution of M/s. Baruah & Baruah Drugs Private Limited (in liquidation) as per Section 481 of the Act in view of the fact that the Official Liquidator is not in a position to proceed further with the winding up of the Company for want of funds, assets and reasons stated in the application and for discharging the Official Liquidator from proceeding further.

(2.) THE Official Liquidator attached to this Court was appointed as the Liquidator as per Section 481 of the Act in respect of M/s. Baruah & Baruah Drugs Private Limited (in liquidation), which was wound up by this Court vide judgment and order dated 17.02.2003 passed in Co. Petition No.17 of 2001 (disposed of). It is worth mentioning that Co. Petition No.17 of 2001 (disposed of) was filed by the promoters of the Company (in liquidation) for winding up of the said Company on the ground that though the Company was incorporated in the year 1992, no shares was subscribed and no statutory meeting of the Company has held. THE Statutory returns were also not submitted by the Company to the jurisdictional Registrar of Companies. In sum and substance, the Company never commenced its business after its incorporation. In view of such position, the Company Judge was pleased to hold that hardly any useful purpose will be served to allow the Company to remain alive on record. THErefore, it was ordered to wind up the Company and the Registrar of Companies/ Official Liquidator was directed, to initiate necessary action in accordance with law.

(3.) UNDER the above facts and circumstances, the Official Liquidator has filed the instant application submitting that it is not possible to proceed with the winding up of the Company for want of funds, assets and reasons stated hereinabove and that it is just and reasonable in the circumstances of the case that an order of dissolution of the Company (in liquidation) be passed, under Section 481 of the Act.