In Re: Atlantic Engineering Services P. Ltd.

Indermeet Kaur, J.—This is an application filed by the Official Liquidator seeking dissolution of the company namely Atalantic Engineering Services P. Ltd. (hereinafter referred to as the Company). The company was wound up on 12.8.1987. The registered office of the company was a lease hold property; on an application filed by the landlord the premises were handed back to the landlord on 21.02.1989. The plant and machinery lying in the factory premises of the company located at 19 K.M. Stone, Mathura Road, Faridabad were sold for an amount of Rs. 1,00,00,000/- and the possession was handed over to the auction purchaser on 18.11.2002.

The Ex-Directors Mr. S.S.Sandhu and Mr. V.S. Grewal had filed their statement of affairs which were found to be defective. The Criminal complaint {Crl.O.(Co) No.8/1993} was thereafter disposed of on 15.9.2004.

Pursuant to the claims having been invited by the Official Liquidator six claims were received and five workers were paid but one worker did not turn up to collect his amount; details of payments had been mentioned in para 7.

The secured creditor Punjab and Sind Bank was also paid various amounts and date and details thereof find mention in para 9. An amount of Rs.12,36,483/- had also been paid to the Excise and Taxation Office, Faridabad.

Pursuant to the orders of this Court dated 23.5.2011 claims were invited from the contributories/shareholders of the company; a list of 11 contributories had been filed by the Ex-Director. Today the contributories have been represented through their counsel. In this application, it has been averred that the contributories had not filed any documents in support of their claims in spite of letters/reminders issued to them dated 11.4.20012, 11.5.2012, they not having filed their claims along with the requisite documents their claims were finally rejected vide letter dated 23.7.2012. These facts are not dispute. Learned Counsel for the contributories/shareholders concedes that the contributories have no original documents in support of their claims.

The fund position of the Company as on date is Rs.26,25,640/-. No other realizable assets are available in the hands of the Official Liquidator.

In the case of Meghal Homes Pvt. Ltd. Vs. Shree Niwas Girni K.K. Samiti and Others, , the Supreme Court, inter alia, in paragraph 31 thereof, held as under :-

......when the affairs of the Company had been completely wound up or the Court finds that the Official Liquidator can not proceed with the winding up of the Company for want of funds or for any other reason, the Court can make an order dissolving the Company from the date of that order. This puts an end to the winding-up process.

In view of the above decision of the Supreme Court and the facts and circumstances of this case, the liquidation proceedings deserve to be brought to an end. Consequently, M/s Atalantic Engineering Services P. Ltd. is dissolved u/s 481 of the Companies Act. The Official Liquidator is also permitted to transfer the balance fund available in the Company''s account to the Reserve Bank of India after creating provision or making payment towards the government fee, audit fee and liquidation expenses. The Official Liquidator is permitted to close the books of account of the company. A copy of this order shall be communicated to the Registrar of Companies within 30 days by the Official Liquidator. The C.A. No.1532/2012 as also the Company Petition No.23/1985 are disposed off and the Official Liquidator is discharged. The files and records of the company be consigned to record room.