M/S. Sri Ambuja Petro Chemicals Limited (In Liqn) vs. No Respondent

Facts

The Official Liquidator, attached to the High Court of Telangana, filed a Company Application No. 150 of 2025. The application sought permission to take on record the half-yearly accounts of M/s. Sri Ambuja Petro Chemicals Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Auditor's Report dated 10.04.2025 submitted by M/s. Murthy & Kanth, Chartered Accountants. Additionally, the Official Liquidator prayed for permission to make a payment of Rs. 500/- plus GST towards audit fees to the said auditors. The application also requested 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 dated 16.07.2025.

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: The half-yearly accounts of the subject company, which is in liquidation for the period from 01.10.2022 to 31.03.2023, along with the Auditor's Report dated 10.04.2025 submitted by M/s. Murthy & Kanth, Chartered Accountants, were taken on record. Permission was granted 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 (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 did not expressly leave any issues undecided.

Key Issues

1. Whether the Court should take on record the half-yearly accounts of the company in liquidation for the period 01.10.2022 to 31.03.2023, along with the Auditor's Report dated 10.04.2025. 2. Whether permission should be granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors. 3. Whether the Official Liquidator should be permitted 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, through their counsel, presented the application and supported it with an affidavit. The arguments focused on the necessity of taking the accounts and auditor's report on record and seeking approval for the payment of audit fees and application costs, as outlined in the application. Revenue/State's Arguments: The judgment does not record any specific arguments from the revenue or state. The Court proceeded to pass an order based on the Official Liquidator's submissions and the supporting affidavit.