9911796707
TMI Blog2001 (7) TMI 1183X X X X Extracts X X X X X X X X Extracts X X X X ..... workmen which agreement has admittedly not been honoured by the management of the appellant company. The learned company Judge considered the conduct of the appellant company in not making payment to the workmen including the plea raised by the appellant-company that the wages had become time-barred and concluded that, in the absence of the termination of the service, liability to pay wages under the contract of employment should continue. The learned company Judge apart from the fact that the company was unable to pay its debts, came to the conclusion that in view of the dismal picture of the company, the appellant company was liable to be wound up even on just and equitable ground. 3. The appeal was initially listed for admission and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment dated 19-11-1986, could not be disbursed in view of the delays occasioned in the permission of the Court to withdraw the FDR of the Hira Singh Trust. A reading of the agreement dated 19-11-1986, shows that in terms of clause 1, the appellant-company had agreed and bound itself to pay all workers in terms of Annexure A to the agreement in terms of the settlement. The payment had to be made by draft issued in the name of each individual employee, specially in terms of clause 4 of the said agreement and, in terms of clause 5, the appellant company had bound itself to make payment latest by fifteen days from the release of the fund of the fixed deposit of Hira Singh Trust by the High Court. Clause 8 of the said agreement further stipulat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed company Judge has considered all the facts and circumstances of the case and has rightly concluded that the appellant-company failed to comply with its understanding with the workmen contained in the agreement dated 19-11-1986. The appellant-company has repeatedly tried to wriggle out of its obligations to the workmen and had even raised plea of limitation as a defence to the claim of the workmen for their wages which was rightly rejected by the learned company Judge. 8. The company has been unable to meet its financial commitment to the workmen and has not carried on business even thereafter for the last eight years. The learned company Judge has rightly found that it was a fit case for winding up of the company under section 433( e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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