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2012 (2) TMI 398 - HC - Companies LawCompanies Act 1956 - Petition filed u/s 433(e) & (f), 434 & 439 of Companies Act, 1956 seeking to wind up the Respondent-Company non-payment of debt Held that - Petitioner has entered into transactions with the respondent Company and the respondent Company has been unable to pay its dues to the petitioner and therefore the respondent Company has made itself liable to be wound up Decided in favor of petitioner.
Issues:
Petition seeking winding up of a company under Sections 433 (e) and (f), 434, and 439 of the Companies Act, 1956 due to unpaid dues. Analysis: The petitioner, engaged in eCRM services, filed a petition seeking the winding up of the respondent company, iWire Network Designs Private Limited, for failing to pay outstanding dues amounting to Rs. 6,77,703/-. The respondent company, with an authorized share capital of Rs. 1,00,000/- divided into 10,000 equity shares of Rs. 10/- each, assured the petitioner that they were the software franchise for Microsoft and would secure the necessary software licenses. Despite assurances and emails promising payment, the respondent failed to clear the outstanding amount. After issuing a notice and no payment being made, the petitioner sought the winding up of the respondent company. The High Court, after considering the petition and documents on record, found that the respondent company had indeed failed to pay its dues to the petitioner, making itself liable for winding up. Despite being served, the respondent did not appear to contest the matter. Consequently, the Court allowed the petition and ordered the winding up of the respondent company. The Official Liquidator attached to the Court was appointed to take over the assets and liabilities of the respondent company. The petitioner was directed to deposit Rs. 25,000/- with the Official Liquidator for initial winding up expenses and to serve a copy of the order on the Registrar of Companies within 30 days. Additionally, the petitioner was instructed to publish advertisements in "The Hindu" and "Vijaya Karnataka" newspapers within 15 days of receiving the order.
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