M/S.Resolute Electronics PVT. Limited.(In Liqn) vs. No Name
Facts
The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application seeking to take on record the half-yearly accounts of M/s. Resolute Electronics Pvt. Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the Auditor's Report dated 17.06.2024 submitted by M/s. KBS and Associates. The application also sought permission to make a payment of Rs. 500/- plus GST towards the audit fee to the said auditor. Additionally, the Official Liquidator requested permission to meet the costs of the application from the company's available funds or the Estate and Establishment Fund if company funds were insufficient. 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 ordered that the half-yearly accounts of M/s. Resolute Electronics Pvt. Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the Auditor's Report dated 17.06.2024 submitted by M/s. KBS and Associates, Chartered Accountants, be taken on record. The Court also ordered that the Company Application be allowed. The specific direction regarding the payment of audit fees and costs of the application was implicitly granted by allowing the application, which included these prayers. The reasoning was based on the perusal of the auditor's reports with the assistance of the learned counsel for the Official Liquidator, indicating satisfaction with the submitted documents and the request made.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and the Auditor's Report for the period 01.04.2022 to 30.09.2022, as submitted by M/s. KBS and Associates, Chartered Accountants, for M/s. Resolute Electronics Pvt. Limited (in liquidation)? Petitioner's Contention: The Official Liquidator, representing the company in liquidation, sought the Court's permission to record the submitted accounts and report, and to authorize the payment of audit fees, including GST. The application was filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959, indicating a procedural requirement for court approval in the liquidation process. Revenue's Contention: No specific contention was recorded for the revenue or State in the judgment. The matter proceeded based on the Official Liquidator's application and the Court's perusal of the auditor's report.
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 WEDNE AY ,THE THIRTIETH DAY OF OCTOBER TWO THOUSAND AND TWENTY FOUR PRESENT THE HON'BLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLICATION NO. 88 OF 2024 Between: The Official L(uidator, attached to the Hon'ble High Court of Telangana, and Andhra Pradesh, 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -500068 ...APPLICANT Company Application Under Section 462 of the Companies Act, 1956 read with Rule 298 and Rule 306 of the Companies ( Court ) Rules, '1959 praying that this Hon'ble Court may be pleased to. i) take the half-yearly accounts of the subject company (in liquidation) for the period from 01 .04.2022 to 30.09.2022, along with Auditor's Report dated 17.06.2024 submitted on 20.06.2024 by Mis. KBS and Associates., Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500/- 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 (in liquidation) or Estate and Establishment Fund account if no fund is available in the com
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