M/S. Neeraj Petrochemicals Limited vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana, filed a Company Application seeking to take on record the half-yearly accounts of M/s. Neeraj Petrochemicals Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the Auditors' Report dated 17.06.2024 submitted by M/s. KBS and Associates. The application also sought permission to make the payment of audit fee of Rs. 5000/- plus GST to the auditors and to meet the cost of the application from the company's funds or the Estate and Establishment Fund. The application was supported by an affidavit and argued by the counsel for the Official Liquidator.
Held
The Court accepted the prayer made by the Official Liquidator. It was held that the half-yearly accounts of M/s. Neeraj Petrochemicals Limited (in liquidation) for the period 01.04.2022 to 30.09.2022, along with the Auditors' Report submitted by M/s. KBS and Associates, are to be taken on record. The Court perused the Auditors' Reports with the assistance of the learned counsel for the Official Liquidator and found no impediment to accepting them. The Company Application was ordered accordingly. The Court also implicitly permitted the payment of audit fees and application costs by taking the application on file and ordering it, as these were part of the prayers. No specific issue regarding GST was decided as it was only mentioned as a component of the audit fee.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and the Auditors' Report of M/s. Neeraj Petrochemicals Limited (in liquidation) for the period 01.04.2022 to 30.09.2022, as submitted by the Official Liquidator. (Question of procedure/administration) Petitioner's Argument (Official Liquidator): The Official Liquidator, acting in the capacity of administering the company in liquidation, has submitted the required half-yearly accounts and the Auditors' Report. The application is filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959, seeking formal acceptance of these documents by the Court. The prayer is to take these documents on record and permit the payment of audit fees and application costs. Revenue/State's Argument: No arguments were recorded for the Revenue or State in this matter, as it pertains to the administration of a company in liquidation and the Official Liquidator's duties.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD TUE AY, THE TWELFTH DAY OF NOVEMBER TWO THOUSAND AND TWENTY FOUR PRESENT THE HONOURABLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLICATION No.92 ot 2024 IN COMPANY PETITION NO: 68/1994 & R.C.C. No. 11/2000 ln the Matter of the Companies Act, 1956 And ln the Matter of M/s. Neeraj Petrochemicals Limited Between: The Official Liquidator, attached to the Honourable High Court of Telangana, and Andhra Pradesh, 1'' floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068 ...APPLICANT Application Under Section 462 of the Companies Act, 1956 read with Rule 298 and Rule 306 of the Companies (Court) Rules, '1959: i) take the half-yearly accounts of the subject company (in liquidation) for the period from O110412022 to 3010912022, along with Auditors Report dated 1710612024 submitted on 2010612024 by M/s. KBS and Associates., Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500l plus GST to said auditor. ii) 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 (i
The judgment continues below.
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