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Issues: Company petition seeking winding up under section 433 of the Companies Act based on inability to pay debt.
Analysis: 1. The petitioner filed a company petition seeking winding up of the respondent-company under section 433 of the Companies Act, primarily based on the ground of inability to pay debt falling under section 433(e) of the Act. 2. The petitioner claimed to have served legal notices upon the respondent by Registered A.D., alleging that the respondent admitted the debt but failed to repay the loan amount. However, the notices provided as Annexures P-7 and P-8 did not meet the requirements of section 434 of the Companies Act to be considered valid legal notices. 3. Annexure P-9, described as a notice under section 434 of the Act, also failed to satisfy the requirements of section 434, specifically regarding the delivery of the notice to the company as mandated by the Act. 4. Section 434(1)(a) of the Act specifies the procedure for serving a demand notice on the company, emphasizing the need for the notice to be delivered at the company's registered office to initiate the process of filing a petition under section 433(e) for winding up. 5. The court highlighted the absence of essential evidence supporting the claim of serving legal notices, such as proof of dispatch, delivery, recipient details, and acknowledgment of receipt by the company, which are crucial for the maintainability of the petition. 6. The petitioner's attempt to rely on a signature on Annexure P-9 as evidence of serving the notice on the company was deemed insufficient due to the lack of factual foundation and supporting documentation in the petition. 7. The court rejected the petitioner's request for amendment, noting the prolonged pendency of the petition and emphasizing that crucial material facts required for maintainability should have been included in the original petition rather than introduced through subsequent amendments. 8. Ultimately, the court concluded that the petition filed under section 433(e) was not properly substantiated and dismissed it in limine due to the failure to comply with the statutory requirements for serving legal notices and lack of essential evidentiary support for the claims made in the petition.
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