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Judgment
THIS is a complaint against the which is a company incorporated under the Indian Companies Act for recovery of Fixed Deposit after maturity with interest and compensation.
THE Opposite Party is absent and set ex-parte. But the official liquidator of the High Court, Madras has sent a communication to this Commission dated 1-1-93. This communication reads that the Opposite Party herein M/s. Dhanalakshmi Consolidates Finance and Industrial Investments Ltd., has been taken offer by M/s. Dhanalakshmi Funds India Limited prior to its liquidation and that in Company Petition 88/89 on the file of the High Court, Madras M/s. Dhanalakshmi Funds India Ltd., has been ordered to be wound up and official liquidator, High Court, Madras has been appointed as official liquidator of the Company. Under Sec. 446(1) of the Indian Companies Act, when the winding up order has been made and the official liquidator has been appointed as provisional Liquidator no suit or legal proceedings can be commenced or continued pending the winding up proceedings. The appropriate procedure available to the complainant who are depositors is to approach the Official Liquidator for recovery of the amount due to them. This complaint must fail.
In the result, the complaint is dismissed without costs and without prejudice to the rights of the complainant to approach the Official Liquidator for appropriate relief. Complaint dismissed.