M/S.Tm Tyres Limited(In Liqn) (In Liqn.) vs. No Respondent
Facts
This matter concerns a Company Application filed by the Official Liquidator of M/s. TM Tyres Limited (in liquidation). The Official Liquidator sought permission from the High Court to take on record the half-yearly accounts for the period from 01.04.2023 to 30.09.2023, along with the Independent Auditor's Report dated 31.05.2025 submitted by M/s. KBS and Associates. Additionally, the Official Liquidator requested permission to pay an audit fee of Rs. 500/- plus GST to the said auditor. The application also sought permission to meet the costs of the application from the available funds of the company or the Estate and Establishment Fund, subject to reimbursement upon realization of assets. The application was filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 299 of the Companies (Court) Rules, 1959.
Held
The Court held that the half-yearly accounts of M/s. TM Tyres Limited (in liquidation) for the period 01.04.2023 to 30.09.2023, along with the Auditor's Report dated 31.05.2025 submitted by M/s. KBS and Associates, should be taken on record. The Court also granted permission to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor. Furthermore, permission was accorded to the Official Liquidator to make the said payment from the available funds of the company or from the Estate and Establishment Fund 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 was satisfied with the reasons mentioned in the supporting affidavit and upon considering the filed accounts.
Key Issues
1. Whether the half-yearly accounts of the subject company (in liquidation) for the period 01.04.2023 to 30.09.2023, along with the Auditor's Report dated 31.05.2025, should be taken on record. 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 and Associates. 3. Whether the costs of the application can be met from the available funds of the company or the Estate and Establishment Fund, subject to reimbursement. Contentions: Petitioner (Official Liquidator): The Official Liquidator presented the half-yearly accounts and auditor's report for the specified period and sought the court's approval to record them and to pay the audit fees. The Official Liquidator also sought permission to utilize available funds for application costs, with a provision for reimbursement. Revenue/State: No arguments were recorded for the revenue or state in the provided judgment.
Sections Cited
Section 462, Companies Act, 1956, Rule 298, Companies (Court) Rules, 1959, Rule 299, Companies (Court) Rules, 1959
AI-generated summary — verify with the full judgment below
Cause title — parties, addresses and appearances
Between: Ii"".3Xi: ?l'iffil%"J;,1'l3iiB1:"-5: H:lI:"nXJn,i S:JI":,,1ft3?g3:3 B8BAAon," ...Applicant Apprication under section 4.62 0f the companies Act, .r956 read with Rures 298 ;:i::$.t?"t or the companies (court) Ru[;; ;rssj pravins that this c";,1 ;;y take the half-yearly accounts^of th9 ^s^ulject company (in liquidation) for the period from 01 .04.2023 to 30.09202C,;;;;";il'trdependent Auditors, Report dated 3j.Os.2o2s submitted o, o9]Od.iOzs by M/s. KBS and Associates, Chartered Accountants on r""orO ,nO permission may be :999rd"9. to make the payment of audit fu. oin.. !oo/- ptus cST to the said auditor. ii. cost of this applicat;on Jfoy.rt fe9-StamOs and Notary Charges etc.,) may be permitted to be mer out by the ofriciat Liquioator from the avairabre funds ot the company (in riquidation) o, estate ani-gllabrishment Fund account if no fund is avai
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