The High Court of Gujarat directed final settlement of dues of unsecured creditors in the liquidation proceedings of a pharmaceutical company, permitting disbursement of funds available with the Official Liquidator under Section 530 of the Companies Act, 1956.
The matter was initiated by the Official Liquidator of Aesculapius Remedies Limited (in liquidation), seeking permission to disburse the amount currently available in the liquidation account as full and final settlement of admitted unsecured claims. The company was ordered to be wound up in 2003, and its assets, including its factory premises and machinery, were disposed of under subsequent Court orders.
Creditors were invited to submit claims under Section…