9911796707
TMI Blog2000 (11) TMI 1132X X X X Extracts X X X X X X X X Extracts X X X X ..... any, sought to be wound up. 2. First respondent company was engaged in the business as growers and dealers in hill produces like, coffee, pepper, ginger, copra, etc. The company was the pooling agent for the Coffee Board for collecting coffee seeds from growers and curing and supplying it to the Coffee Board. The petition was filed by the two firms dealing in gunny bags claiming that the company was indebted to the tune of Rs. 1,34,987 to the first petitioner and Rs. 2,71,342 to the second petitioner on account of supply of gunny bags. The petition was presented on 30-3-1990. It was preceded by a notice dated 12-2-1990 claiming the abovesaid amounts and threatening a winding up petition to which, the first respondent company had sent a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al for revival of the company. That was opposed by the Coffee Board which claimed that substantial amounts were due to it. But, at that stage, the claim of the Coffee Board, that it was a creditor, was rejected. However, the petition was dismissed on technical grounds by order of the Company Judge dated 23-10-1992. Still later, the Coffee Board filed C.A. No. 96 of 1996 under rule 101 of the Companies (Court) Rules, 1959, praying that it may be substituted for the original petitioners. That application was opposed on behalf of the company. After hearing both sides, the petition was allowed by the Company Judge by order dated 1-8-1997 [since reported as Coffee Board, the 22nd respondent in C.P. No. 8 of 1990 was transposed and substituted as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e company and the Coffee Board was not justified in enforcing the bank guarantee and collecting Rs. 16,59,000. 5. As noted earlier, the claim made by the Coffee Board arises on the basis of the pooling arrangement for which, amounts have been advanced by the Coffee Board as the company had stocks of coffee seeds procured for the Board. After the appointment of the provisional liquidator, a commission was also issued by this Court to assess the stock in the godown of the company. As per the report, there was shortage of about 17 tonnes of coffee worth more than Rs. 43 lakhs. The available stock has been delivered to the Coffee Board also. The contention of the first respondent company is that the company or its officers are not liable fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the shortage on that account. So, in a way, the liability can be said to have arisen on or after the date of petition only. This aspect was considered by the Company Judge in C.A. No. 96 of 1996, the application for transposing the Coffee Board as a petitioner. As observed by the learned Judge in the order, such compliance with the requirements of section 434 cannot be insisted on for purposes of transposition. For pursuing this petition after substitution, it is sufficient that the substituted petitioner will be entitled to file a petition, if necessary, after sending due notice. Since the Coffee Board has a claim against the company, it is entitled to give a notice and file a petition. So, as the substituted petitioner, the Coffee Board ..... X X X X Extracts X X X X X X X X Extracts X X X X
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