Official Liquidator takes possession of property in 20-year-old case

These officers are vested with the powers by the High Court and the orders passed by them are binding on all the official authorities.
These officers are vested with the powers by the High Court and the orders passed by them are binding on all the official authorities.Special arrangement

Srinagar: An Official Liquidator took possession of the property in a 20-year-old case.

In a liquidation matter pertaining to a private limited company in which the High Court had ordered the liquidation way back in 2001 and 2003, Haamid Bukhari, the Official Liquidator attached to HC, who was appointed as Provisional Liquidator in this case recently at Srinagar bench of High Court, took the physical possession of the property of the company located near hutment areas at Pahalgam.

In this case, Haamid Bukhari was assisted and accompanied by the administrator appointed by the Court who is a retired District judge.

These officers are vested with the powers by the High Court and the orders passed by them are binding on all the official authorities.

Official Liquidator was given active support by the District Magistrate Anantnag who had passed directions to the subordinate Civil and Police authorities in Pahalgam to ensure complete cooperation during the process of the takeover of the possession of the property. Tehsildar Pahalgam was present on the spot along with his revenue team under the direct supervision of SDM Pahalgam during this takeover process.

This is one of the significant cases of Company Liquidation in which significant progress was made in the last one-year soon after the effective operationalisation of the Srinagar Office of Registrar of Companies & Official Liquidator.

The offices of Official Liquidators are attached to High Courts in all the states and UTs and they function as quasi-judicial bodies dealing with liquidation matters under Companies Law, 1956 & 2013.

There are more than 11 cases pending as on date in which High Court benches both at Jammu and Srinagar have ordered the compulsory liquidation of the companies and many of these cases are 10-15 years old in which no significant progress has been achieved.

However, there is no voluntary liquidation matter pending with any of the offices of the liquidator, each one located in the capital cities of Jammu and Srinagar attached to respective permanent benches of the High Court of J&K and Ladakh.

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