IN RE: ELECTRONIC CIRCUITS LTD. Vs. STATE

JUDGEMENT

(1.) This company application seeking dissolution of M/s. Electronic Circuits Ltd., in liquidation has been filed under section 481 of the Companies Act, 1956 (hereinafter "the 1956 Act"). M/s. Electronic Circuits Ltd. (in liquidation) with its registered office at A-315(A), RIICO Industrial Area, Bhiwadi District Alwar was ordered to be wound up by the company court on October 4, 1996, in S.B. Company Petition No. 25 of 1996. The official liquidator attached to this court was appointed as the liquidator of the company from the date of winding up.

(2.) During pendency of the winding up proceedings of M/s. Electronic Circuits Ltd. (in liquidation) as per provisions of section 456(2) of the 1956 Act the properties and effects of the company in liquidation were taken in custody of the court. They were then liquidated wherefrom the official liquidator realised a sum of Rs. 50,00,000 from the sale of assets of the company in liquidation. After inviting claims of the creditors, or disbursed the amount to respective creditors. Thereafter under order dated September 19, 2014, of the company court in S.B. Company Application No. 70 of 2014 a sum of Rs. 1,58,154 has been paid to Employees Provident Fund Organisation as full and final claim. As on date of filing application Rs. 4,55,858.10 is lying in the account of company in liquidation. Pursuant to the order dated January 23, 2015, advertisement was published in the newspaper inviting objection to the proposed dissolution of the company.

(3.) Counsel submits that the company in liquidation presently has neither any fund nor any assets for realisation. As such no possibility of any realisation and/on distribution on that count obtains. Hence this application for dissolution of the company as the winding up proceedings against the company in liquidation are pending since 1996 without any fruitful result or potential thereof. Counsel further submits that as the affairs of the company have been completely wound up, as detailed above, keeping the matter pending any further would be of no avail. In the circumstances it would be appropriate, just and reasonable as provided under section 481 of the 1956 Act to grant permission for dissolution of the company in liquidation.