9911796707
TMI Blog1974 (1) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... e following issue was framed : "Is the respondent-company unable to pay its debts and is, therefore, liable to be wound up under clause ( e ) of section 433 of the Companies Act ?" On behalf of the petitioner Shri Brij Kishore has appeared as P. W. No. 1 and has stated that according to the balance-sheet for the year ending March 31, 1970, it appeared that the company was unable to pay its debts. He has admitted that no enquiry in this behalf was made by the Registrar of Companies or other officer on his behalf. The Registrar of Companies sent a report to the Regional Director, Company Law Board, at Kanpur, and obtained his sanction for filing this petition. The Regional Director only sent a notice to the company before according sancti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shop, 10 garages and a big compound for the vehicles to stand, the market value of which is not less than Rs. 1,00,000. Some of these properties are let out and fetch a monthly income of Rs. 500. The Registrar of Companies has never written to the company to say that any creditor of the company has complained to him that his amount has not been paid. Neither the Regional Director nor the Registrar of Companies ever made spot enquiries at Pathankot with regard to the respondent-company. From the evidence led in the case I am satisfied that the company is not unable to pay its debts and, therefore, no case has been made out for the winding up of the respondent-company. In Registrar of Companies v. Ajanta Lucky Scheme and Investment Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to meet demands from its creditors. No evidence has been placed before me beyond the affidavit of the Registrar that the company is really unable to pay its debts. The second ground for a winding-up order is, therefore, not made out". The matter was examined by Harbans Singh J. (as my Lord the Chief Justice then was) in S . Krishnamurthy, Registrar of Companies, Punjab v. Rohtak Hissar Transport Company ( P. ) Ltd. [1966] 36 Comp. Cas. 9, 14 (Punj.) and it was observed : ".....the mere fact that the company's assets are less than its liabilities is, by itself, no ground for sending the company to winding-up. The test laid down is that the company should be commercially solvent which means that the company should be in a positi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
