9911796707
TMI Blog1980 (10) TMI 155X X X X Extracts X X X X X X X X Extracts X X X X ..... e winding up of the 1st respondent-company, M/s. Printersall (P.) Ltd. (hereinafter referred to as "the company "). Respondents Nos. 2, 3, 4, 5 and 6 are the directors of the company. The company is duly incorporated under the Companies Act on August 10 as a private company with a limited liability. The main objects of the company are as follows : "( a ) To acquire and take over the assets and liabilities of the partnership firm 'Printersall' carrying on business at Bangalore as on 16th June, 1966, and to carry on the business of stationers, printers, lithographers, stereotypers, photographic printers, photolith-ographers, engravers, dye sinkers, envelope manufacturers, book binders, account book manufacturers, machine rulers, numerical p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rospered in its business of running a printing press at No. 26, Cresent Road, High Grounds, Bangalore, in which the company had acquired leasehold right. It is further alleged that the company has become a defaulter in the matter of the two loans advanced by the bank. It is also alleged that the company stopped its business in or about November, 1975, and shut down its premises and the printing press. There was labour trouble and the other creditors of the company started proceedings against it. In these circumstances, the bank issued a registered notice demanding the amounts due in respect of the two aforementioned loans claiming as on the date of the notice a sum of Rs. 11,13,823.86 and Rs. 2,53,674.47. Copies of the notice dated July 5, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion that the citation be published on or before August 10, 1979. The citation was duly published in the Deccan Herald issue of August 8, 1979, and the same has been filed in court. Respondent No. 6, one of the directors, was served in person even before August 8, 1979, but chose to remain absent and unrepresented. Having regard to the fact that the citation was duly published in the Deccan Herald newspaper, the court felt it unnecessary to order fresh notice to the other directors and as the respondents did not enter appearance on August 31, 1979, or on subsequent dates they were placed ex parte on 21st September, 1979. On the same date, allowing the application of the bank, the official liquidator was appointed the provisional liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relinquished in favour of the landlord pursuant to the decree of eviction obtained by the landlord. This fact is alleged in the petition itself and that the bank had paid the arrears of rent on behalf of the company and released the movable assets from attachment. However, the learned counsel pressed that once it is established to the satisfaction of the court that the very substratum of the company has disappeared, it would be impossible either to rehabilitate or resurrect the company particularly when the directors and other shareholders have shown no interest whatsoever in carrying on the business or settling the claims of the bank and other creditors. He has further contended that having regard to the provision made under rule 293 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere the substratum of the company has gone or its only business has become impossible, the court would consider it just and equitable to wind up such company. In these circumstances, the bank is entitled to succeed in this petition for a winding-up order by this court. Accordingly, respondent No. 1 company shall be wound up and the provisional liquidator shall be the liquidator of the company. In the result, this court directs that the petitioner do advertise the winding-up order in the Deccan Herald within 14 days from to-day. The petitioner to serve a certified copy of this order on the Registrar of Companies not later than one month from this date. Respondents Nos. 3 to 6 do file the statement of affairs with the official liquidato ..... X X X X Extracts X X X X X X X X Extracts X X X X
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