9911796707
TMI Blog1985 (12) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... etition No. 366 of 1983, and then with the subject-matter of Company Petition No. 142 of 1984 and thereafter with Company Petition No. 388 of 1985, in that order. In so far as Petition No. 366 of 1983 is concerned, it is the petitioners' case that the respondent-company owed to the petitioners a sum of Rs. 2,24,797.39, that the petitioners gave the usual statutory notice, but the same was not complied with by the company and hence the petitioners filed the petition. The petition, in its usual course, came up for admission, and on August 31, 1983, consent terms were arrived at. Under the said consent terms, the company agreed to pay the dues of the petitioners by installments as specified in the said consent terms. The consent terms also p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it would not be for the benefit of the company's creditors. That, in view of all this, the petitioning creditors ought not to be allowed to insert any advertisement with regard to the petition. This application was resisted by the petitioners. By an order dated July 26, 1985, the contention of the respondent-company was negatived. The necessary advertisements have since appeared in the papers, but I am informed that these were in Petition No. 142 of 1984, and in view of the same, the advertising of this petition (i. e., Petition No. 366 of 1983) was dispensed with. The said petition has now come up for final hearing. At the hearing of this petition, i. e., No. 366 of 1983, the petitioners' counsel has urged that in so far as the debt is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion stood admitted. That earlier, an application was made on behalf of the respondent-company to this court that, in the facts and circumstances of the case, the petitioners should not be allowed to insert any advertisement particularly because it would not be in the interest of the creditors. By an order dated July 26, 1983, this application was rejected. Mr. Ganesh further argued that in view of the fact that the assets of the respondent-company have been wrongly withheld by the authorities under the Textile Undertakings (Taking Over of Management) Act, 1983, the respondent-company has now filed a writ petition, inter alia , seeking an order for release of their property. That this writ petition is to come up for admission. That in vie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondent-company has assets, although, according to the company, its assets are lying in the processing unit of Podar Mills Ltd., and have been wrongly taken charge of by the authorities under the Textile Undertakings (Taking Over of Management) Act, 1983. It is also an admitted position that the company owes monies to the petitioners. In other words, there is a debt due, which the company is liable to pay. In view of this, a winding-up order must follow. Turning to the contentions In re Chapel Colliery Co. [1883] 24 Ch 259, the facts in that case were that the colliery was heavily mortgaged and a debenture holder came forward and filed a petition for the winding-up of the company. The majority of the creditors were opposed to the w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is an admitted position that apart from these three company petitions referred to hereinabove, there are two other petitions, viz ., Company Petition No. 168 of 1985 and 169 of 1985 (filed by two other creditors) seeking the winding-up of this company for the very same reason, i.e. , non-payment of their dues. What appears from all this, therefore, is that there are numerous creditors clamouring for their dues, but the majority of them has certainly not come forward to say that the winding-up would not be in the interest of the creditors. In the result, the contention canvassed by Mr. Ganesh must be negatived. The petitioners would well be entitled to the relief prayed for. Turning to Petition No. 142 of 1984, the facts are that in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in view of this, Company Petition No. 388 of 1985 is admitted. In the result, Company Petition No. 142 of 1983 is made absolute in terms of prayers ( a ), ( b ) and ( e ). Official liquidator attached to this court is appointed liquidator of the respondent-company. Official liquidator to take possession forthwith of the assets, properties and effects of the company during the course of the winding up. Petitioners in Company Petition No. 142 of 1983 to advertise the winding-up order within fourteen days from December 21, 1985, in the same newspapers in which notice of hearing of the petition was advertised and submit the bill of costs within a week thereafter. In so far as Company Petitions Nos. 366 of 1983 and 388 of 1985 are conce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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