M/S.Leafin INDIA Limited (In Liqn) vs. No Respondent
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. Leafin India Limited (in liquidation) for the period from April 1, 2022, to September 30, 2022. The application also sought permission to pay the audit fee of Rs. 5000 plus GST and to meet the costs of the application and miscellaneous expenses from the company's funds or the Estate and Establishment Fund. The application was supported by an affidavit and the auditors' report dated June 12, 2024, submitted by M/s. Padmanabha Rao and Co., Chartered Accountants.
Held
The Court accepted the prayer made by the Official Liquidator. The half-yearly accounts of M/s. Leafin India Limited (in liquidation) for the period from April 1, 2022, to September 30, 2022, along with the auditor's report submitted by M/s. Padmanabha Rao and Co., Chartered Accountants, were taken on record. The Court ordered the company application accordingly. The specific issue regarding the payment of GST on the audit fee was implicitly accepted as part of the overall prayer for expenses, but no detailed reasoning on GST law was provided as the primary focus was on the procedural aspects of company liquidation.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and auditor's report of the company in liquidation for the period 01.04.2022 to 30.09.2022, as required under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959? Petitioner's Argument: The Official Liquidator, representing the company in liquidation, argued for the acceptance of the half-yearly accounts and auditor's report, and for permission to pay the audit fee and associated expenses. The petitioner relied on the provisions of the Companies Act, 1956, and the Companies (Court) Rules, 1959, to support the application. Revenue's Argument: The judgment does not record any specific arguments from the revenue or state.
Sections Cited
Section 462, Companies Act, 1956, Rule 298, Companies (Court) Rules, 1959, Rule 306, Companies (Court) Rules, 1959
AI-generated summary — verify with the full judgment below
{ I IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD FRIDAY,THE TWENTY FIFTH DAY OF OCTOBER TWO THOUSAND AND TWENTY FOUR PRESENT THE HON'BLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLICATION NO: 76 OF 2024 IN C.P.NO. 126 0F 2012 IN THE MATTER OF THE COMPANIES ACT, 1956 AND rN THE MATTER OF M/S. LEAFTN |NDIA L|M|TED ( tN LIQN)
Between: j I I i I i a The Official.Liquidator, attached to the Hon'ble High Court of Telangana, and Andhra Pradesh, 1"' 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 30.09.2O22, along with Auditor Report dated 12.06.2024 submitted on 18.06.2024 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.500l plus GST. ii) cost of this application and any miscellaneous expenses may be permitted to be met out by the Official Liquidator from the available funds
The judgment continues below.
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