IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 8TH DAY OF MARCH, 2019 BEFORE THE HON'BLE MRS. JUSTICE S.SUJATHA COMPANY APPLICATION No.17/2019 IN COMPANY PETITION No.113/1989 BETWEEN:
M/s DEV FISHERIES PVT. LTD., (IN LIQN.) REP. BY OFFICIAL LIQUIDATOR, HIGH COURT OF KARNATAKA, CORPORATE BHAVAN, 12TH FLOOR, RAHEJA TOWERS, NO.26-27, M.G. ROAD, BENGALURU-560 001. … APPLICANT (BY SMT.REVATHI ADINATH NARDE, ADV.) AND:
1. M/s CANARA BANK BENSON TOWN BRANCH, BANGALORE-560046.
2. M/s COROPRATION BANK, KAMARAJ ROAD, BANGALORE-560042. …RESPONDENTS (BY SRI R.V.NAIK, ADV.) THIS COMPANY APPLICATION IS FILED UNDER SECTION 481 OF THE COMPANIES ACT, 1956 R/W RULES 9 OF THE COMPANIES ACT [COURT] RULES, 1959, PRAYING TO DISSOLVE M/s DEV FISHERIES PVT. LTD. (IN LIQUIDATION) UNDER SECTION 481(1) OF THE COMPANIES ACT, 1956.
THIS COMPANY APPLICATION IS COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:
O R D E R Heard the learned counsel Smt.Revathi Adinath Narde for the applicant and learned counsel Sri.R.V.Naik for the respondents.
2. The affidavits dated 13.06.2017 and 23.11.2018 filed by the Assistant official liquidator are placed on record.
3. This company application is filed by the official liquidator under Section 481 of the Companies Act, 1956 ['Act' for short] read with Rule 9 of the Companies [Court] Rules, 1959 ['Rules' for short] seeking permission to pay the available amount of Rs.3,16,987/- [Rupees Three Lakhs Sixteen Thousand Nine Hundred and Eighty Seven only] among the two secured creditors namely the respondents herein and further to dissolve M/s. Dev Fisheries Pvt. Ltd., [in liquidation] under Section 481 of the Act.
4. That the company in liquidation was incorporated on 23.03.1983 having its registered office situated at No.8, Carleston Road, Cooks Town, Bangalore-560005, in the State of Karnataka. The said company was ordered to be wound up vide an order dated 08.07.1993 in company petition No.113/1989 filed by the respondents herein and the official liquidator attached to this Court by virtue of his office became the liquidator of the company under the provisions of Section 449 of the Act.
5. It is submitted by the official liquidator that the company [in liquidation] is not having any assets except the fishing vessel/ship by name ‘Dev Maru’ which has been sold and the amounts have been realized from the Directors of Ports at Trivendrum and disbursed to the secured creditors. As on 14.01.2019, the said company is having a sum of Rs.3,16,990/- [Rupees Three Lakhs Sixteen Thousand Nine Hundred and Ninety only] as credit balance in its account. That as per the Statement of Affairs filed on 28.02.2003, there are only two secured creditors namely, Corporation Bank and Canara Bank who are entitled to receive dividend and having pari pasu charges on the secured loan for a total amount of Rs.1,48,42,508/- [Rupees One Crore Forty Eight Lakhs Forty Two Thousand Five Hundred and Eight only] and Rs.46,97,078/- [Rupees Forty Six Lakhs Ninety Seven Thousand and Seventy Eight only] respectively.
6. In view of the insufficient fund and due to the efflux of time from the date of winding up order which is more than a quarter century, permission is sought for disbursement to the secured creditors as per the ratio disbursed earlier i.e., 1.6223 paise in a rupee instead of calling the claims by releasing advertisement in the newspaper.
7. After settling the secured creditors, the Company [in liquidation] deserves to be dissolved under Section 481 of the Act. The latest half yearly “NIL” accounts for the period 30.09.2018 has been filed and enclosed to the company application.
8. In view of the aforesaid reasons, the only two secured creditors, the respondents herein being entitled to the amount now available and the same shall be i.e., Rs.3,16,987/- [Rupees Three Lakhs Sixteen Thousand Nine Hundred and Eighty Seven only] disbursed at the ratio 1.62 paise, it would be Rs.2,46,790/- [Rupees Two Lakhs Forty Six Thousand Seven Hundred and Ninety only] with respect to Corporation Bank [respondent No.2] and Rs.76,197/- [Rupees Seventy Six Thousand One Hundred and Ninety Seven only] with respect to Canara Bank [respondent No.1].
9. Since no other assets are pending to be realized by the official liquidator and in view of the disbursement of the amount to the secured creditors as aforesaid, the company [in liquidation] requires to be dissolved under Section 481 of the Act.
Hence, the company [in liquidation] stands dissolved.
In the result, the company application is disposed of.
Sd/- JUDGE NC.