RAJASTHAN STATE GRANITE Vs. STATE

JUDGEMENT

(1.) IN the company petition filed for winding -up under Section 433(a),(b),(e)and (f), read with Section 439(a) of the Companies Act, 1956 this Court on August 16, passed the following order:

(2.) THE notices of winding -up were published in the Extraordinary Gazette dated 23 -10 -1998, in the Hindustan Times of 15 -8 -1998 and in the Dainik Bhaskar of Jaipur Edition on 13 -8 -1998.

(3.) THAT the Ex -Directors have filed a statement as to the affairs of the Company (In liquidation) under Section 454 of the Companies Act, 1956, as on its winding -up date along with the copy of un -auditcd balance sheet as at 16 -8 -1999. A copy of the Statement of Affairs and a copy of unaudited balance sheet as on 16 -8 -1999 furnished with this office submitted herewith for kind perusal of this Hon'ble Court and is marked as Annexure 'A' to this application. It is also submitted for consideration of this Hon'ble Court that there were no realisable assets nor any Secured Creditors in the Company as on its winding -up date. The only realisable assets namely cash in hand and bank balance with the Company in liquidation has since been realised after the winding -up. The unsecured loan payable to the Rajasthan Financial Corporation is also no longer payable by the Company as it is also outstanding since a very long period and have become time -barred under the Limitation Act. The stock -in -trade consisting of stone slabs was not having any realisable value. Due to aforesaid reasons the Preliminary Report was not submitted before the Hon'ble Court.