1998 (7) TMI 555 - HC - Companies Law

Summary

The High Court of Bombay issued an order in a petition seeking winding up of a company due to unpaid consultancy charges. The respondent disputed the liability but the court found in favor of the petitioner. The court directed the respondent to deposit Rs. 1 crore in court within a month for possible recovery by the petitioner through a civil suit. If the amount is not deposited, the petition will be admitted. If the petitioner fails to file a civil suit within eight weeks, the deposited amount will be refunded to the respondent. The deposited amount will be invested in a nationalized bank for six months if deposited. (Case citation: 1998 (7) TMI 555 - HIGH COURT OF BOMBAY)