9911796707
TMI Blog1999 (3) TMI 539X X X X Extracts X X X X X X X X Extracts X X X X ..... aken on record. 2. It is the case of the Petitioners that the company is justly indebted to them for a sum of Rs. 2,43,22,000 which includes outstanding principal and overdue interest as on 31-12-1997. The said amount is in respect of the financial assistance in the form of loan granted by the Petitioners to the company. 3. It was the case of the company that the suit had been filed agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid petition, and interim relief was moved by the company for stay of recovery proceedings. The said relief was granted but thereafter at the request of the respondent-company it was vacated. On 27-11-1997 by an order an application to restrain the Court Receiver from selling the property was rejected. 4. By order dated 12-11-1998, the learned Single Judge of this Court was pleased to admit th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iation [1992] 75 Comp. Cas. 440. In the said case also BIFR and AAIFR had rejected the application of the company. A writ petition came to be filed before the High Court of Delhi. The writ petition was admitted and pending hearing of the interim application, an interim order was granted on 21-2-1991 staying operation of the order of AAIFR. The company during the pendency of the said order was ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch is sought to be argued by the company herein was in issue before the Apex Court and the Apex Court has clearly held that in spite of the order of stay, the Company Court has jurisdiction to proceed with the Company Petition for winding up. 6. It is true that at the same time this Court will bear in mind the fact that the Petition for winding up has been filed and in fact discretion in this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the business activities of the company has been stopped. I do not think this to be a case where discretion should be exercised in favour of the company and the Company Court will have jurisdiction to decide the Company Petition irrespective of the pendency of the Writ Petition before the Madhya Pradesh High Court. 7. In the light of the above as the company has no defence and as the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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