2012 (7) TMI 1044 - HC - Companies Law

Summary

Issues involved: Winding up of a company under the Companies Act, 1956 due to outstanding dues.

The judgment pertains to a Company Petition seeking the winding up of M/s. Indo Bonito Multinational Ltd. under the Companies Act, 1956. The Petitioner claims that the Respondent Company owes an amount of Rs. 215,11,40,300 towards outstanding dues of foreign buyers as per agreements and post-shipment facilities. Despite serving a statutory notice demanding payment within 21 days, the Company failed to respond or make any payment. The Petitioner asserts that the Company is unable to pay its debts, as evidenced by the returned packet marked 'Shifted', indicating the Company's registered office address is no longer valid. The Court finds prima facie evidence of the debt owed and the Company's failure to respond, leading to the admission of the Company Petition and its advertisement in local newspapers and the Maharashtra Government Gazette. Additionally, the Petitioner is directed to deposit a sum towards publication charges, failing which the Petition may be dismissed for non-prosecution.

In conclusion, the judgment highlights the legal process and requirements for seeking the winding up of a company under the Companies Act, 1956 due to outstanding dues. The Court's decision is based on the evidence presented regarding the debt owed by the Company, its failure to respond to statutory notices, and the inability to locate the registered office for service of legal documents. The judgment ensures that proper procedures are followed, including advertisement of the Petition and depositing necessary charges, to proceed with the winding up process in accordance with the law.