M/S. Turbo Bharath Limited(In Liqn) vs. Nil
Facts
The Official Liquidator of M/s. Turbo Bharath Limited (in liquidation) filed a Company Application before the Telangana High Court. The application sought approval for the half-yearly accounts for the period 01.04.2023 to 30.09.2023, along with the Independent Auditors' Report dated 31.05.2025 submitted by M/s. KBS and Associates. The Official Liquidator also requested permission to pay an audit fee of Rs. 500/- plus GST to the auditors. Furthermore, the application sought permission to meet the costs of the application from the company's available funds or the Estate and Establishment Fund, subject to reimbursement upon realization of assets. The application was supported by an affidavit filed by the Official Liquidator.
Held
The Court, having been satisfied with the reasons stated in the supporting affidavit and having considered the half-yearly accounts filed by the Official Liquidator, ordered as follows: Firstly, the half-yearly accounts of M/s. Turbo Bharath Limited (in liquidation) for the period 01.04.2023 to 30.09.2023, along with the Auditor's Report dated 31.05.2025, were taken on record. Secondly, permission was accorded to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor. Thirdly, 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 company's funds upon realization of its assets. The Court did not leave any issues undecided.
Key Issues
1. Whether the Court should take on record the half-yearly accounts of M/s. Turbo Bharath Limited (in liquidation) for the period 01.04.2023 to 30.09.2023, along with the Independent Auditors' Report. 2. Whether permission should be granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to M/s. KBS and Associates. 3. Whether permission should be granted to the Official Liquidator to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement. Petitioner's Arguments: The Official Liquidator, representing the company in liquidation, presented the half-yearly accounts and auditors' report for approval. The Liquidator sought permission to pay the audit fee and cover application costs, explaining the necessity for these payments in the liquidation process. The Liquidator relied on the supporting affidavit to justify the requests. Revenue/State's Arguments: The judgment does not record any specific arguments made by the revenue or state. The Court proceeded to pass an order after hearing the Official Liquidator.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD MONDAY,THE TWENTY SECOND DAY OF SEPTEMBER TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLIcATloN NO.247 0F 202s IN COMPANY PETITION NO: 151 0F 2009 ln the matter of M/s. Turbo Bharath Limited ( ln Liqn)
Between: The.official Liquidator, attached to the Hon'ble High court of relangana, and Andhra Pradesh, 'lst floor, Corporate Bhawan, Bandlaguda, Nagole, HyderSOad -S0006e ...APPLICANT Company Application Under Section 462 of the Companies Act, read with Rule 298 and Rule 306 of the Companies ( Court ) Rules, praying that this Hon'ble Court may be pleased to 1956 1959 take the half-yearly accounts of the subject company (in liquidation) for the period from 01.04.2023 to 30.09.2023, along with tndependent Auditors' Report dated 31.05.2025 submitted on 09.06.2025 by IV/s. KBS and Associates, Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500l plus GST to the said auditor. cost of this application (Court fee Stamps and Notary Charges etc.,) may be permifted to be met out by the Official Liquidator from the available funds of the company
The judgment continues below.
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