OFFICIAL LIQUIDATOR

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OLR/10/2020HC KarnatakaKAHC01030964202004 February 2021Bench: S SUNIL DUTT YADAV4 pages
AI SummaryAllowed

What did the High Court hold?

The High Court accepted the report of the Official Liquidator, finding that the company's affairs were not conducted in a manner prejudicial to the interests of its members or the public. The company was accordingly dissolved.

What were the facts?

The Official Liquidator filed a report seeking the dissolution of M/s. BT Professional Services (India) Private Limited. The company had resolved for voluntary winding up, appointed a liquidator, and completed the necessary procedures, including filing statutory forms and obtaining clearance from the income tax department.

What were the issues?

Whether the company's voluntary winding up proceedings were conducted in compliance with the Companies Act and if the company should be dissolved.

Which sections of the Income-tax Act were involved?

Section 497(6), Section 485(1)

AI-generated summary — verify with the full judgment below

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 4TH DAY OF FEBRUARY, 2021 BEFORE THE HON’BLE MR. JUSTICE S. SUNIL DUTT YADAV O.L.R. NO.10/2020

BETWEEN:

OFFICIAL LIQUIDATOR, ATTACHED TO THE HON’BLE HIGH COURT OF KARNATAKA CORPORATE BHAVAN, NO.26-27, 12TH FLOOR, M.G. ROAD, BENGALURU – 560 001.

… APPLICANT

(BY SRI. JAGADEESHGOUD PATIL, ADVOCATE FOR OL)

AND:

NIL

… RESPONDENT

THIS O.L.R. IS FILED THE REPORT UNDER SECTION 497(6) OF THE COMPANIES ACT, 1956, PRAYING TO DISSOLVE M/S. BT PROFESSIONAL SERVICES (INDIA) PRIVATE LIMITED (IN MEMBER'S VOLUNTARY WINDING UP) HAVING CIN NO.U32104KA2006FTC040480, UNDER SECTION 497(6) OF THE ACT, FROM THE DATE OF SUBMISSION OF THIS REPORT AND ETC.

THIS O.L.R. COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:

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ORDER

The Official Liquidator has sought for an order to dissolve M/s. BT Professional Services (India) Private Limited, having CIN No.U32104KA2006FTC040480, under Section 497(6) of the Companies Act from the date of submission of this report.

2.

It is submitted that the company in its Extra Ordinary General Meeting held on 03.01.2014 had resolved for voluntary winding up of the company and had appointed Mr. Naveen Narang, as the voluntary liquidator and a public notification for voluntary winding up was made out in the newspapers pursuant to the requirement under Section 485(1) of the Companies Act. It is further submitted that the meeting was held on 17.01.2020 for the purpose of laying accounts and showing the manner in which the winding up proceedings have been conducted and also to lay details regarding disbursal of the properties.

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3.

The details of the statutory forms filed by the voluntary liquidator are detailed at paragraph 3. It is further submitted that Forms - 156 and 157 have been filed and necessary details have been furnished by the voluntary liquidator as required. It is also submitted that the income tax department has replied to the query stating that there is no income tax demand outstanding as regards to the company.

4.

Necessary indemnity bond has been executed by the voluntary liquidator undertaking to indemnify all lawful claims from any person against the company that may arise pursuant to the dissolution of the company and to meet any claims and liabilities of the claimants that may arise even after dissolution by the company. Upon scrutiny of the accounts, it is submitted that the voluntary liquidator has conducted the process of winding up by following the requisite procedure and it is further submitted that the affairs of the company have been conducted in a manner

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not prejudicial to the interest of the members/creditors or public interest.

5.

After having noted in detail the report of Official Liquidator that the affairs of the Company have not been conducted in a manner prejudicial to the interest of its members or public, and noting the paper publication that has been carried out pursuant to the requirement under Section 485(1) of the Companies Act, it is a fit case to accept the report of the Official Liquidator.

6.

Accordingly, it is directed that M/s. BT Professional Services (India) Private Limited, is hereby dissolved with effect from 19.10.2020 which is the date of submission of the report to the Court. A copy of this order be filed with the Registrar of Companies.

7.

Accordingly, OLR 10/2020 is disposed off.

Sd/- JUDGE

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