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

Facts

The Official Liquidator, attached to the High Court for the State of Telangana and Andhra Pradesh, filed Company Application No. 47 of 2025. This application was made under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The purpose was to take on record the half-yearly accounts of M/s. ITC Agrotech Finance and Investments Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023. Additionally, the Official Liquidator sought permission to make a payment of audit fee of Rs. 500/- plus GST to the independent auditors, M/s. Padmanabha Rao and Co., Chartered Accountants, whose report was dated 13.12.2024 and submitted on 16.12.2024. The application also requested permission to meet the costs of the application from the company's available funds or the Estate and Establishment Fund.

Held

The Court considered the application filed by the Official Liquidator under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The application sought to take on record the half-yearly accounts of M/s. ITC Agrotech Finance and Investments Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024. The Court perused the auditors' report with the assistance of the learned counsel for the Official Liquidator. Being satisfied with the report, the Court decided to take the accounts and the report on record. Furthermore, the Court accorded permission to the Official Liquidator to make the payment of the audit fee of Rs. 500/- plus GST to the auditors. The costs of the application were also permitted to be met from the available funds of the company (in liquidation). The operative directions included taking the accounts and report on record, granting permission for the audit fee payment, and stating that there shall be no order as to costs. Any pending miscellaneous petitions in the company application were ordered to stand closed.

Key Issues

1. Whether the half-yearly accounts of the company (in liquidation) for the period 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024, should be taken on record by the Court, as prayed by the Official Liquidator under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959? 2. Whether permission should be granted to the Official Liquidator to make the payment of audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao and Co., Chartered Accountants? Contentions: Petitioner (Official Liquidator): The Official Liquidator presented the half-yearly accounts and the auditors' report for the specified period and requested the Court's permission to take them on record and to pay the audit fee. The learned counsel for the Official Liquidator argued in support of the application. Revenue/State: No arguments were recorded for the Revenue or State in the judgment.