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TMI Blog1982 (10) TMI 166X X X X Extracts X X X X X X X X Extracts X X X X ..... s P. Ltd., Ropar and another, as a common question of law and fact arises in these petitions. In order to appreciate the controversy, certain salient features may be noticed which are being narrated from C. P. No. 235 of 1980 filed by Smt. Bhag Kaur and others against M/s. Roopnagar Credit and Investment P. Ltd. M/s. Roopnagar Credit and Investment P. Ltd. (hereinafter referred to as "the company") was incorporated under the Companies Act, 1956 (to be called as "the Act"), as a private company limited by shares. The registered office of the company is situated at Ropar. The company has been doing the business of financing, etc ., and has been inviting deposits from its shareholders and has also been paying interest to the depositors. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... send any reply whatsoever to the notice. As the company is unable to pay amounts to the petitioners, the present petition has been filed under sections 433, 434 and 439 of the Act read with rule 9 of the Companies (Court) Rules, 1959, for the winding up of the company. The petition came up for a preliminary hearing on November 20, 1980, when notice was issued to the respondents. After service, respondents have filed written statement in which besides raising certain preliminary objections, the material allegations made in the petition have been controverted. In the preliminary objections, it is averred that the petition is lacking in bona fides ; that the respondent along with its sister concerns, namely, M/s. Bala Financiers P. Ltd., M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion have become due to the petitioners from the company? O.P.P. (2)Whether there is a bona fide dispute about the amount payable to the petitioners by the company ? O.P.D. (3)Whether the petition suffers from malice and is liable to be rejected on that ground ? O.P.D. The parties led evidence on the aforesaid issues. Thereafter, arguments were heard on March 12, 1982, and the petition was ordered to be advertised. On advertisement, C.P. No. 14 of 1982 and C.A. Nos. 50, 54 60, 67, 68, 88, 94 and 144 of 1982, have been filed in support of the petition while C.A. No. 127 of 1982 has been filed raising objections to the winding up of the company. The matter has now finally come up for hearing to determine whether the company be wound up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut Rs. 28 lakhs." On the other hand, the main stand taken on behalf of the respondents by Mr. D. N. Awasthy, their learned counsel, was that the financial position of the respondent-company was very sound ; that huge amounts are recoverable from M/s. Ambala Bus Syndicate P. Ltd. by the company and its sister concerns ; that if those amounts are recovered for which proceedings have already been taken, the money would immediately be paid to the petitioners ; that before passing a winding-up order, the interest of creditors or shareholders has to be judged ; that the majority of the creditors have given affidavits raising objections to the winding up of the company and that, in the circumstances of the case, no winding-up order should be pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a family dispute. How it is settled is no concern of the creditors. It would be pertinent to mention that the respondent-company failed to reply to the registered notice sent to it by the petitioners and just kept quiet. If the company was genuinely feeling that it would be able to pay the amounts along with interest to their creditors, then they would have certainly sent a reply to the notice. The company in this case has failed to show that it is in a position to pay the amounts of the petitioners, or that there is bona fide dispute about the payment of the amounts or that the petition suffers from any malice. The learned counsel for the respondents had cited certain decisions before me, but I do not wish to burden this judgment by refe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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