PREPARATION OF THE STATEMENT OF AFFAIRS:
The officers and directors of a company under liquidation must, according to section 454 read with section 511A of the Companies Act, 1956, make out and submit, within 21 days of the Tribunal order (or within such extended time, not exceeding three months, as the liquidator or the Tribunal may allow), a statement showing the following
(a) The assets of the company, stating separately the cash balance in hand and at bank, if any, and the negotiable securities, if any, held by the company;
(b) Its debts and liabilities;
(c) The names, residences and occupations of its creditors, stating separately the amount of secured and unsecured debts and in the case of secured debts, particulars of the securities given, whether by company or its officers, their value and dates on which they were given;
(d) The debt due to the company and the names, residences and occupations of the persons from whom the amount likely to be realised on account thereof;
(e) Such further or other information as may be prescribed, or as the official liquidator may require. The statement has to be prepared even in case of voluntary winding up.
The statement has to be properly verified by an affidavit. It has to be open for inspection by any person stating himself in writing to be creditors or contributory of the company, on payment of prescribed fee. The person concerned can also acquire a copy or extract from it. The form in which it*has to be made out has been prescribed by the Supreme Court. The suggested format is given below ;
FORMAT OF STATEMENT OF AFFAIRS
FORM NO. 57
[See Rule 127]
In the High Court at………….. (Or) in the District Court at…………..
Original Jurisdiction………….. In the matter of Companies Act, 1956
In the matter of …………………. LTD.
Company Petition No…. of 20…..
Statement of affairs under section 454
Statement of affairs of the above named company as on the………….. day of… 20 … the date of the winding up order [or the order appointing Provisional Liquidator or the date directed by the Official Liquidator].
I/We ……… of ………. do solemnly affirm and say that the statement made overleaf and the several lists hereunto annexed marked ‘A’ to T are to the best of my/our knowledge and belief a full. true and complete statement as to the affairs of the above named company, on the day of ………. 20 … the date of the winding up order [or the order appointing Provisional Liquidator or the date directed by the Official Liquidator]. and that the said company carries/carried on the following business:
(Here set out nature of company’s business).
Signature(s)
Solemnly affirmed at …… this ……… day of ……… 20. Before me.
Commissioner for Oaths
The Commissioner is particularly requested. before swearing the affidavit. to ascertain that the full name, address and description of the deponent are stated. and to initial any crossings out or other alterations in the printed form. A deficiency in the affidavit in any of the above respects will entail its refusal by the Court. and will necessitate its being re sworn.
Note: The several lists annexed are not exhibits to the affidavit.