9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1994 (12) TMI 281 - HC - Companies Law
Issues:
- Appeal against winding up order - Failure to pay amounts due - Deposit of partial amount - Bank guarantee offer - Review of order admitting company petition - Permission from Reserve Bank of India Analysis: The High Court of Delhi heard an appeal by Nitul Data System (P.) Ltd. against a winding-up order issued by a single judge in response to a company petition filed by a U.S.-based respondent company. The petition was based on the appellant's failure to pay the agreed-upon amount for goods, leading to the single judge's order to admit the petition and publish citations. The appellant later appealed, agreeing to deposit the unpaid amount in Indian currency and offering a bank guarantee for the remaining balance. The court considered these subsequent events and the appellant's contentions, deciding not to allow the appeal outright but to remit the matter back to the single judge for a fresh consideration of the petition's admission. The court acknowledged the deposit made by the appellant and the willingness to provide a bank guarantee for the outstanding amount. It emphasized the need for a reevaluation of the petition's admission in light of these developments and the arguments presented by both parties. Rather than immediately allowing the appeal, the court deemed it appropriate for the company court to review the situation afresh considering the events and submissions made during the appeal process. Consequently, the court set aside the original order and referred the matter back to the single judge for further proceedings in accordance with the law. Additionally, a point was raised regarding the Reserve Bank of India's permission for the respondent to receive the deposited amounts or any future deposits. Both parties were directed to seek the necessary permission within four weeks and inform the company court of their actions. The court concluded by setting aside the original order, remitting the case to the single judge for proper disposal, and disposing of the appeal accordingly.
|
