ORDER : A.J. Desai, J. 1. By this report under Section 481 of the companies Act, 1956, the Official Liquidator has prayed for dissolution of the company, named Anik Shipbreaking Industries Ltd. which was ordered to be wound up vide order dated 19.03.2002 passed in Company Petition 338 of 1997. 2. Company Petition 338 of 1997 came to be preferred and this court, by order dated 19.03.2002, order the said company to be wound up and while so ordering, the official liquidator, attached to this court, came to be appointed as the Liquidator with all the powers provided under the Act. Consequential upon such order of winding up, the official liquidator directed his officials at the office of Registrar of Companies(the ROC for short) to inspect the record of the company maintained by the office of the ROC to know the assets and properties, liabilities, addresses of the Directors and the date of order of winding up. 3. The Official Liquidator found the following details: Name of Company ANIK SHIPBREAKING INDUSTRIES LTD. CIN No. L99999GJ1993PLC020670 Date of Incorporation 16.11.1993 Authorized Share Capital Rs.25,00,000/- Paid up Share Capital - Registered Officer Lati Bhavan, Bhavnagar Corporate Officer 302, Panchsile, 72 sampatrao colony, productivity road, Baroda Sr. No. Name of Ex-directors Addresses of Ex-directors 01 Mrs. Shashi Single 5, R.K. Mission Road, Khar (W) Mumbai-52 02 Shri Paresh R. Bhuta 2 nd Floor, Giriraj, 23, Nandanvan Society, Alkapuri, Baroda 03. Mr. Sumeet Agrawal C-161, East of Kailash, New Delhi-7 04 Mr. Narendra Agrawal 176, CST Road, Santacruz, Mumbai-98 05 Mr. Sudhir Mevadia 402, Mangar Mevadia, R.K. Mission Road, Santcruz(W), Mumbai-87 06 Mr. Sanjay Jain 84, Bhuleshwar Road, 1 st Floor, Bhuleshwar, Mumbai-2 07 Manager State Bank of India, Alkapuri, Baroda 4. Vide order dated 26.03.2003 passed in Company Application No. 212 of 2002, Official Liquidator handed over possession of 781, Bodiwala Makan, Mama Kotha Road, Bhavnagar and vide order dated 21.02.2003 passed in Company Application No. 409 of 2002, Official Liquidator handed over possession of the property stayed at-3, Sosiya Ship Breaking yard, Ta. Talaja, Dist. Bhavnagar. 5. By communication dated 17.04.2003 Official Liquidator issued notice to Ex-directors, Secured Creditors, and petitioner, Creditors for taking possession of property situated at 212, Paradise Complex, Sayajikunj, Baroda and 824, Fortune Tower, Sayajigunj, Baroda dated 22.04.2003 but nobody remains present at that site. The representative of Official liquidator first visited at Regd. Talaja, Dist. Bhavnagar. 5. By communication dated 17.04.2003 Official Liquidator issued notice to Ex-directors, Secured Creditors, and petitioner, Creditors for taking possession of property situated at 212, Paradise Complex, Sayajikunj, Baroda and 824, Fortune Tower, Sayajigunj, Baroda dated 22.04.2003 but nobody remains present at that site. The representative of Official liquidator first visited at Regd. Office situated at 212, paradise Complex, Sayajigunj, Baroda, it was observed by representative of Official liquidator that in the said premises on main door a board of security agency i.e. namely Sainik Industrial Security Services, was cited thereafter the Representative of Official Liquidator met one Mr. Mohamad S. Ansari who is officer of Sainik Industrial Security Services and it is also observed that the said premise's owner is one firm, namely Jaydeep Polymers, Shri G.L. Sharma Representative of jaydeep polymers stated that the winding up company or no other companies are occupying the said premises since last 10 years. In support of his claim he produced Electricity bills, Telephone Bills, Sale deed, Baroda Municipal Tax Bills, in the above circumstances, the Representative of Official Liquidator could not take possession of the said premises. 6. The Official Liquidator visited at 824, Fortune Tower, Sayajigunj, Baroda on 22.04.2003 at 05.00 pm which was also seen same situation of Regd. Office of the company (In Liqn.) there also nobody remained present from Ex-Director, Secured Creditors and petitioner Creditors. The Representative official Liquidator observed that in the said premises, one company is running in the name and style of Mathrani Securities Pvt. Ltd. the Representative of Official Liquidator met to Shri Chamanlal V. Mathrani who is director of the said running company. He stated that the said premises belongs to Vadodara Stock Exchange, he further stated that the said premises has no relationship/connection with the winding up company. He refused to handover the possession of the said premises. In support of his claim he produced some document i.e. GEB bills, Telephone bills letters of Vadodara Stock Exchange, Article of Agreement between Chamanlal Company and Vadodara Stock Exchange. In the aforesaid circumstances, the Representative of Official Liquidator did not take possession of the said premises. 7. He refused to handover the possession of the said premises. In support of his claim he produced some document i.e. GEB bills, Telephone bills letters of Vadodara Stock Exchange, Article of Agreement between Chamanlal Company and Vadodara Stock Exchange. In the aforesaid circumstances, the Representative of Official Liquidator did not take possession of the said premises. 7. The provisions of the Companies Act call for the satisfaction of the court, which needs to consider that when the affairs of the company, are completely wound up or when the court is of the opinion that the liquidator cannot proceed for winding up or when the court is of the opinion that the liquidator cannot proceed for winding up for want of assets or any other reasons, the dissolution should be made. The Court, in such circumstances, shall make an order to dissolve from the date of order. The decision of Meghal Homes Pvt. Ltd. vs. Shree Niwas Girni K.K. Samiti (2007) 7 SCC 753 is also along the line of paragraph 31 thereof, which deserves reproduction as under:-- "When the affairs of the Company had been completely wound up or the courts find that the official Liquidator cannot proceed with the winding up of the Company for want of funds or for any other reason, the court can make an order dissolving the Company from the date of that order. This puts an end to the winding-up process". 8. Prior Intimation of dissolution of the said Company also had been sent to the Income tax Department, Registrar of Companies, Gujarat, Secured Creditors and Ex-directors of the subject company on 04.12.2018. 9. The Official Liquidator has also placed on record the fact that by communication 04.12.2018, intimation issued to ROC for furnishing no objection in dissolution of the said company received from the Registrar of Companies. Registrar of Companies, by a communication dated 22.02.2019 informed regarding no objection in dissolution in the said company. 10. The Official Liquidator has also contended that even after the order of dissolution that may be passed by this court as provided under 559 of the Act, the period of 2 years is available for anybody to raise the objection and file an appropriate proceedings before this court. 11. The Official Liquidator, relying upon the auditor's certificate dated 10.08.2019, has contended that Bank Balance of Rs. 29,264/- and FDR Balance of Rs. 11. The Official Liquidator, relying upon the auditor's certificate dated 10.08.2019, has contended that Bank Balance of Rs. 29,264/- and FDR Balance of Rs. 1,53,566/- only and no assets of the Company in Liquidation are available. In the light of aforesaid, it is therefore submitted that the report may be accepted and appropriate order of dissolution of the Company in Liquidation may be passed as prayed for. 12. By communication dated 04.12.2018 given by Official Liquidator, in response to letter dated 13.03.2019 received from Securities Exchange Board of India, Official Liquidator reply a letter dated 29.03.2019 stating that Official Liquidator is in process of filing of report U/S. 481 to dissolve the company under the Companies Act, 1956, and therefore, requested to continue case against the Ex-director of aforesaid company(In Liquidation) independently in case of dissolution. 13. The Official Liquidator attached to this court shall intimate to the ROC the said order along with the copy of the order, who shall also make an entry of this in his books. 13.1. After such performance of duty, the Official Liquidator shall be discharged and relieved as official liquidator. It is being clarified that any liability of the company, if arises subsequently, ex-directors would be held liable. 13.2. Official liquidator be transferred to transfer of funds of Bank Balance of Rs. 29,264/- and FDR Balance of Rs. 1,53,566/- only in the said company's A/c. to Common Pool A/c maintained by the Official Liquidator. 14. In case of any difficulty, affected party if aggrieved with the present order, may apply for reviewing for the same. 15. The Official Liquidator's report is disposed of accordingly.