9911796707
TMI Blog1999 (9) TMI 837X X X X Extracts X X X X X X X X Extracts X X X X ..... ion for a sum of Rs. 19,23,402.26 with agreed interest at the rate of 24 per cent per annum till the disposal of the application and thereafter at the rate of 8 per cent per annum till the entire dues are paid. The company was granted liberty to pay the dues of the petitioning creditor on or before 15-5-1999 and in default thereof, it was directed that the company shall be at liberty to publish advertisements in the Telegraph and in the Ajkal . 2. Brief facts of the case are as under; In 1995, the company had been admitted as a trading member of National Stock Exchange India Ltd. (NSEIL) and a Clearing Member of the National Securities Clearing Corpn. Ltd. (NSCCL). The petitioning creditor is wholly owned subsidiary of NSEIL wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eafter, the application was made for winding up the company. In the said application, it was stated that the following amounts have become due and the company is unable to pay its debts. "The dues of the respondents are such that they have increased to Rs. 23,40,844.02 as per the following schedule. Shortages as on 23rd February, 1998 Rs. 22,61,693.97 Penal interest charges (billed upto July, 1997) Rs. 39,660.20 Penal charges on charges shortages (billed upto March, 1997) Rs. 1,489.00 Fines Rs. 38,000.00 Rs. 23,40,844.02" As already noticed supra , the petition was admitted for the sum of Rs. 19,23,402.26. In the instant appeal, assailing the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and make the order. If the debt was bona fide disputed, there cannot be neglect to pay within the meaning of section 434(1)( a ), If there is no neglect, the deeming provision does not come into play and the ground of winding up, viz., that the company is unable to pay its debt cannot be sustained. 7. Reliance was also placed by the learned counsel for the appellant upon a judgment of the Bombay High Court in I.T.C. Ltd. v. Fomento Resorts Hotels Ltd. [1991] 70 Comp. Cas. 459 . In that case, reliance was placed upon the judgment of the Supreme Court in Amalgamated Commercial Traders case ( supra ) and to various other judgments and applying the Law to the case before it, the learned Judge was of the opinion as under : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its accounts with NSEIL and NSCCL through the V sat Computer Communication Connection. In the very same letter, debt claimed from the company was shown as Rs. 31,83,818.12 as on September, 1997 and details whereof were given in the annexure thereto. The annexures list out the outstanding as on 10-12-1997 is as under : "1.Shortages (as on 9-12-1997) Rs. 31,04,668.07 2.Penalty interest charges (upto September 1997) Rs. 39,660.20 3.Penal charges on shortages (upto September 1997) Rs. 1,489.85 4.Fines. Rs. 38,000.00 Rs. 31,83,818.12" Once again the company by its letter dated 4-2-1998 (at page-83 of the stay application) requested the following details. "N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company in the course of its business as a stock broker is required to maintain its own accounts of its transactions and was, therefore, in a position to dispute and deny the claims made by the petitioning creditor, when it was declared as defaulter and even thereafter when the notice under sections 433 and 434 was issued on behalf of the petitioning creditor. The learned Company Judge had admitted the company petition for the amount claimed in the notice dated 12-3-1997 which was issued under sections 433 and 434. In our opinion, in view of the above facts, the learned Company Judge rightly admitted the company petition and gave the directions as he did in the matter. 12. In the circumstances, we find no warrant to interfere with the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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