M/S.ITC Agrotech Finance And Investments Limited(In Liqn) vs. No Respondent

Facts

This matter concerns a Company Application filed by the Official Liquidator of M/s ITC Agrotech Finance and Investments Limited (in liquidation). The application, filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959, sought permission to take on record the half-yearly accounts of the company for the period from 01.04.2023 to 30.09.2023, along with the Independent Auditors' Report. The Official Liquidator also sought permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Murthy and Kanth, Chartered Accountants, and to meet the costs of the application from the company's funds or the Estate and Establishment Fund. The application was supported by an affidavit and heard by the High Court.

Held

The Court, having considered the reasons stated in the supporting affidavit and the half-yearly accounts filed by the Official Liquidator, ordered as follows: Firstly, the half-yearly accounts of the company in liquidation for the period 01.04.2023 to 30.09.2023, along with the Auditor's Report dated 04.07.2025, were taken on record. Secondly, permission was granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors. Thirdly, permission was also granted to the Official Liquidator to make this payment from the available funds of the company in liquidation, or from the Estate and Establishment Fund if company funds were unavailable, subject to reimbursement from the company's funds upon realization of its assets. The Court was satisfied with the reasons provided in the affidavit.

Key Issues

1. Whether the Court should take on record the half-yearly accounts of the company in liquidation for the period 01.04.2023 to 30.09.2023, along with the Independent Auditors' Report dated 04.07.2025. 2. Whether permission should be granted to make the payment of audit fees amounting to Rs. 500/- plus GST to the auditors. 3. Whether the Official Liquidator should be permitted to meet the costs of the application from the available funds of the company or the Estate and Establishment Fund. Arguments for the Petitioner (Official Liquidator): The Official Liquidator, through his counsel, presented the half-yearly accounts and the auditor's report, and sought the Court's approval for these filings. He also requested permission to pay the audit fee and cover the application costs, providing reasons in the supporting affidavit. The judgment records no arguments for the revenue or State.