Co. couldn’t be indicted on failure to submit statement of affairs to OL when its records were held

CL : Where Official Liqudator filed instant application for prosecution of respondent for committing offence under sub-section (5) of section 454 of 1956 Act, in view of fact that records of company were taken possession by RIICO which were not returned despite making sincere efforts by respondent, it could not be concluded that respondent had committed default in submitting statement of affairs of said Company without any reasonable excuse and, therefore, instant, application was to be dismisse