M/S.Kode Chit Fund Private Limited(In Liqn) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana, filed a Company Application (CA No. 56 of 2025) in the matter of M/s. Kode Chit Fund Private Limited (in liquidation). The application sought permission to take on record the half-yearly accounts for the period 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024. Additionally, the Official Liquidator requested permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao and Co., Chartered Accountants. The application also sought permission to meet the costs of the application from the company's available funds or the Estate and Establishment Fund account if company funds were insufficient. The application was filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959.
Held
The Court allowed the Company Application. It took the half-yearly accounts of the subject company (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the auditors' report, on record. The Court also accorded permission to the Official Liquidator to make the payment of the audit fee of Rs. 500/- plus GST to the auditor. The costs of the application were permitted to be met from the available funds of the company (in liquidation). The Court noted that there was no order as to costs. As a sequel, any pending miscellaneous petitions in the Company Application were ordered to stand closed. The Court found the auditors' report satisfactory and thus granted the reliefs sought.
Key Issues
1. Whether permission should be granted to take 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, on record, as required by Section 462 of the Companies Act, 1956 and Rules 298 and 306 of the Companies (Court) Rules, 1959? Petitioner (Official Liquidator) argued that the application was filed in compliance with the relevant provisions of the Companies Act and Rules, seeking necessary approvals for the liquidation process. The Official Liquidator presented the accounts and the auditor's report for the court's perusal and approval. Revenue/State did not appear or make any submissions in this matter, as recorded by the Court.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
Between: [ 3{681 IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD TUE AY, THE ELEVENTH DAY OF MARCH TWO THOUSAND AND TWENW FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No. 56 of 2025 IN C.P. NO: 154 of 2000 ln the matter of the Companies Act, '1956 And ln the matter of M/s.Kode Chit Fund Private Limited (in liqn), take the half-yearly accounts of the subject company (in liquidation) for the period from 01.10.2022 to 31 .03.2023, along with tndependent Auditors' Report dated 13.122024 submitted on 16.12.2024 by M/s.
Padmanabha Rao and Co.. Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500/- plus GST to the said auditor. cost of this application (Court fee Stamps and Notary Charges etc.,) may be permitted to be met out by the Official Liquidator from the available funds of the company (in liquidation) or Estate and Establishment Fund account if no fund is available in the company's account.
The Oftlcial Liquidator, aftached to the Hon'ble High Court of Telangana, and 4l4hle Pradesh, 1st floor, Corporate Bhawan, Bandiaguda, Nagole, Hyderabad - 500068 ...Applicant Application under Section 462 o
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