2008 (11) TMI 400 - HC - Companies Law

Summary

Issues involved:
1. Failure to clear bills and claim of interest by petitioner against respondent.
2. Interception of proceedings by respondent under the Sick Industries (Special Provision) Act.
3. Filing of another petition leading to winding up order of the respondent company.
4. Infructuous nature of the main prayer in the petition due to previous winding up orders.
5. Passing of an order to invite claims from creditors of the company.
6. Grievance regarding the conduct of respondent and its ex-directors.

Analysis:

Issue 1:
The petition was filed by M/s. Alpha Agencies against M/s. Inalsa Appliances Ltd. for the respondent's failure to clear bills amounting to Rs. 27 lakhs, with a claim for interest on the same.

Issue 2:
After notice issuance, the respondent invoked the Sick Industries (Special Provision) Act, halting the proceedings.

Issue 3:
Another petition by M/s. D.R. Polymers (P.) Ltd. led to a winding up order against Inalsa Appliances Ltd., rendering the main prayer in the present petition ineffective as two winding up orders for the same company cannot be issued.

Issue 4:
The court acknowledged the previous winding up orders and directed the petitioner to lodge their claim with the Official Liquidator in the pending winding up proceedings arising from the other petition.

Issue 5:
An order was passed in the other petition to invite claims from creditors of the company, ensuring a fair process for all parties involved.

Issue 6:
The petitioner raised concerns regarding the conduct of the respondent and its ex-directors. The court allowed the petitioner to submit a tabulation detailing the instances of alleged false statements by the ex-directors to the Official Liquidator for further scrutiny within a specified timeline.

The judgment clarified that the current order did not express any opinion on the merits of the petitioner's claim. The court instructed the parties to receive a copy of the order for reference.