Liquidation
atul s mehta
(Querist) 21 October 2015
This query is : Resolved
Our company was taken for liquidation by unsecured creditor in the year 1999 By order passed Gujarat High court,Ahmadabad.(Ex-Party)
Now we have put a application in the same court for Revival of the company so that liquidation order can be set aside.(under section 391-394)
We have negotiated and settled with all creditors, secured and unsecured and also made part payments and taken settlement letters.
Also we have met the official Liquidator and shown our willingness to pay full payment of their dues towards expenses.
Official liquidator is holding a land belonging to the company which is valued much less than the amounts payable to the creditors.
We are interested in settling the dues so that if the liquidator sells the land the proceeds will not be enough to clear all dues and as we have given personal guarantees which can be evoked after the short receipts from sale of land.
While our application is pending in High court for order which is taking time.
We need to make balance of due full payment to creditors as per settlement time frame commitments otherwise as per settlements the settlement done can be cancelled by the creditors.
Now basically what we need to know.
1) Can we make all payments and take no due letters from all creditors while our application is due in High court.
2)Suppose all payments are made and there are absolutely no due and no claimants then what is the status of the company.
Kindly inform status and inform if any good Advocate available in Ahmedabad on the subject matter.
Best Regards
Atul Mehta
SAINATH DEVALLA
(Expert) 21 October 2015
U/S 454 of the Companies Act 1956,a winding up order must have been obtained by the official creditors and the HC would have ordered for liquidation of the company entrusting the matter to the Official Liquidator.
The liquidator must have already served U notices to hand over the assets and books of accounts of the said company.As U have failed to do so,the matter must have gone back to the HC.hence as UR lawyer to submit a petition in the Hc,stting the facts that U R ready to clear the debts of the creditors.But for revival of the company U have to submit a letter in the Registrar of Companies only after the matter is disposed off in the HC.
Rajendra K Goyal
(Expert) 21 October 2015
Full case file need to be referred, discuss with your lawyer.
atul s mehta
(Querist) 21 October 2015
Dear Mr.Devalla,
As mentioned, all records and even possession of factory land is with Liquidator only.
we have applied to high court for revival& set aside order whicjh is pending.
What is our status as per law if all dues are cleared and we take no due letters of claimaints as per list with liquidator.
Can we make all paymenys??
Please guide & help.
Best Regards
Atul Mehta.
atul s mehta
(Querist) 21 October 2015
Dear Mr. Goyal,
Definately we have reffered to a local Lawyer here but unable get a experr in company matter.
Hence have posted on this platom as few years back had a problem & I got very good advice on this plat form and also got a good lawyer for that matter
Now just want understand .
1) If all dues are paid in total, Can we be out of Liquidation or not.
2) can we make payments directy to all claimants as per list.
3) Is there any natural justice that if no dues payable no claimaints of any type, then the high court can pass set aside order.
Thanl you.
Best Regards
Atul Mehta
K.S.Srinivas
(Expert) 23 October 2015
Wait till the orders are passed by the High Court on your application.
SAINATH DEVALLA
(Expert) 23 October 2015
All settlements have to be made in the presence of the Official Liquidator.After he feels that all matters have been settled as per the orders of the High Court,he will submit his final report to the HC.
