IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 6th DAY OF DECEMBER, 2017 BEFORE THE HON’BLE MR. JUSTICE A.S.BOPANNA COMPANY APPLICATION NO.711/2013 IN COMPANY APPLICATION NO.972/2012 IN COMPANY PETITION NO.58/2006 BETWEEN:
SRI GURURAJ R ITIGI SRI RAGHAVENDRA ITIGI AGED ABOUT 54 YEARS 774, 10TH D CROSS, 5TH MAIN, WEST OF CHORD ROAD, BANGALORE - 86.
... APPLICANT (BY SRI C G GOPALASWAMY, ADV.) AND:
OFFICIAL LIQUIDATOR OF U & I SYSTEM DESIGN LIMITED (IN LIQN) ATTACHED TO HIGH COURT OF KARNATAKA, CORPORATE BHAVAN, NOS.26-27, 12TH FLOOR, RAHEJA TOWERS, M G ROAD, BANGALORE - 560 001.
... RESPONDENT (BY SMT. REVATHI ADINATH NARDE, ADV. FOR OL) THIS COMPANY APPLICATION IS FILED UNDER RULE 6, 7, 9 AND 11 OF THE COMPANIES (COURT) RULES, 1959, PRAYING TO CONDONE THE DELAY IN FILING THE STATEMENT OF AFFAIRS UNDER SECTION 454 OF THE COMPANIES ACT, 1956 AND ETC.
THIS COMPANY APPLICATION COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:
O R D E R The applicant herein is the respondent No.1 in C.A.No.972/2012. The proceedings in C.A.No.972/2012 is initiated since the respondents who are the erstwhile Directors had not filed the Statement of affairs and in that view there was non-compliance of the provision as contained in Section 454 of the Companies Act.
2. In the instant application seeking condonation of delay, the applicant has sought to explain the reasons for the delay in filing the Statement of affairs. In that regard it is contended that the other Technical Directors were in possession of the intellectual property details and therefore some time was consumed in getting the details.
3. Though such explanation for the long delay cannot be considered as an appropriate reason, however to regularize and continue the process of liquidation, the explanation is accepted and the delay in filing the Statement of affairs is condoned subject to the other compliance to be made by the respondents.
The application is accordingly allowed.
Sd/- JUDGE SPS/bms