2014 (10) TMI 954 - HC - Companies Law

Application for Speaking to the Minutes - Held that - Paragraph 5 of the said order shall now read as under 5. From the aforestated facts it is established that an amount of Rs. 18, 38, 970.52 is due and payable by the Company to the Petitioner along with interest as claimed. The Company has failed and neglected to respond to the statutory notice and has also not made any payments to the Petitioner after receipt of the said notice. The Petition sought to be served on the Company is returned with the remark that the addressee is not found. Since the Petition was sought to be served at the registered address of the Company which address on that day is shown as the registered office of the Company in the records of the Registrar of Companies the Company Petition is deemed to have been served on the Company though the same has been returned with the remark that the addressee is not found. In view thereof all that is stated in the Company Petition has remained uncontroverted. I am therefore satisfied that the Company is unable to pay its debts and is commercially insolvent.

Summary

The Bombay High Court found that the company owed Rs. 18,38,970.52 to the petitioner, with interest. The company failed to respond to the statutory notice and did not make any payments. The court deemed the company unable to pay its debts and commercially insolvent. Application for Speaking to the Minutes was disposed of.