M/S.Bull Power Systems Limited (In Liqn.) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application No. 15 of 2026. The application sought permission to take on record the half-yearly accounts of M/s. Bull Power Systems Limited (in liquidation) for the period from 01.04.2024 to 30.09.2024, along with the Independent Auditors' Report dated 12.01.2026. The Official Liquidator also prayed for permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. KBS and Associates, Chartered Accountants. Additionally, the application requested permission to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement upon realization of assets. The application was supported by an affidavit and argued by the counsel for the Official Liquidator.
Held
The Court decided to allow the application. Regarding the first issue, the Court took on record the half-yearly accounts of M/s. Bull Power Systems Limited (in liquidation) for the period from 01.04.2024 to 30.09.2024, along with the Independent Auditors' Report dated 12.01.2026. For the second issue, permission was accorded to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor. Concerning the third issue, permission was also granted to the Official Liquidator to make the said payment from the available funds of the Company in liquidation, or from the Estate and Establishment Fund account if no funds were available in the company's account, subject to reimbursement from the funds of the Company in liquidation upon realization of its assets. The Court found no impediment to granting these reliefs based on the affidavit and the accounts presented.
Key Issues
1. Whether the half-yearly accounts of the company in liquidation for the period 01.04.2024 to 30.09.2024, along with the Independent Auditors' Report dated 12.01.2026, should be taken on record by the Court, as per Section 461 of the Companies Act, 1956 and Rules 298 and 306 of the Companies (Court) Rules, 1959? 2. Whether permission should be granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. KBS & Associates, as per the Companies Act, 1956 and Companies (Court) Rules, 1959? 3. Whether the costs of the application can be permitted to be met by the Official Liquidator from the available funds of the company in liquidation or the Estate and Establishment Fund, subject to reimbursement, as per the Companies Act, 1956 and Companies (Court) Rules, 1959? Arguments for the Petitioner (Official Liquidator): The Official Liquidator, through their counsel, presented the half-yearly accounts and auditor's report, seeking their formal acceptance by the Court. They also requested authorization to disburse the audit fee, including the Goods and Services Tax (GST) component, and to cover the application's costs from the company's funds or the designated fund, with a provision for future reimbursement. The revenue or State did not record any arguments in the judgment.
Sections Cited
Section 461, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
[ 321e ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THUR AY, THE FIFTH DAY OF MARCH TWO THOUSAND AND TWENTY SIX PRESENT THE HONOURABLE SMT JUSTICE T.MADHAVI DEVI COMPANY APPLICATION No.15 of 2026 IN REFERRED COMPANY CASE NO: 11 of 2001 ln the mafter of the Companies Act, 1956 And ln the matter of M/s.Bull Power Systems Limited (ln Liqn.)
The Official Liquidator, attached to the Hon'ble High Court of Telangana, and Andhra Pradesh, 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad- 500068 ...Applicant Application Under Section 462 of the Companres Act. 1956 read with Rule 298 and Rule 306 of the Companies (Court) Rules, 1959 praying that this Hon'ble Court may be pleased to i.Take the half-yearly accounts of the subject company (in liquidation) for the perild from 01.O4.2024 to 30.09.2024, along with lndependent Auditors Report dated 12.01.2026 submitted on 22.O1 .2O26 by M/s. KBS and Associates, Chartered Accountants on record and permlssion may be accorded to make the payment of audit fee of Rs.S0O/-plus GST to the said auditor ii. Cost of this application (Court fee Stamps and Notary Charges etc.,) may be permitted to be met out by the Official Liquidator
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