9911796707
TMI Blog2001 (10) TMI 1055X X X X Extracts X X X X X X X X Extracts X X X X ..... oard a statutory Corporation for a consideration of Rs. 8,15,40,000. The second agreement was for hire purchase between ITC Bhadrachalam Finance Investments Ltd. and the petitioner-company Lok Housing Constructions Ltd., for the equipments as described in the schedule to the agreement. Another agreement for lease of equipment was made on the same day, i.e., 30-3-1995 between the petitioner-company Lok Housing Constructions Ltd., the lessor, and the Rajasthan State Electricity Board, the lessee, to lease out the specified equipments described in schedule to the agreement. In the above agreement for lease of equipments between the petitioner company and the Rajasthan State Electricity Board, it had clearly been mentioned that the less ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he present company petition under section 433( e ) and ( f ) read with section 434 with the following prayers : "( i )It may order for winding up of the respondent-company since the respondent-company is unable to pay their debts/liability to the petitioner-company and have neglected to pay a sum of Rs. 1,49,80,004 which became due as per the duly executed agreement by the respondent-company. ( ii )That till passing of final order, the respondent-company may be restrained from making payment of the due amount to any party other than the petitioner and be further directed to pay the admitted payable amount to the petitioner-company. ( iii )The Official Liquidator attached to this Hon ble Court may be appointed as provisional liquidato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany and ITC Bhadrachalam Finance Investments Ltd. have also been submitted along with the reply. 6. Mr. U.N. Bhandari, the learned Senior Advocate, appearing on behalf of the petitioner-company, submitted that as per the lease agreement dated 30-3-1995, the respondent was required to make the payment of lease rental monthly instalment to the petitioner-company from 25-3-2000. In spite of repeated reminders and notices, since the respondent-company has failed to make the payment of total sum of Rs. 1,49,80,000 calculated up to 10-4-2001, the petitioner has a right to invoke the jurisdiction of this Court for winding up of the respondent-company. He has further submitted that in absence of any interim order passed by the Bombay High Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents cited at the Bar. 9. It is not disputed that equipment involved in all the agreements, refer-red above, is the same. Four agreements were executed on the same date in regard to sale, hire purchase, lease and tripartite agreement between three parties for making lease rental instalments up to a certain period to ITC Bhadrachalam Finance Investments Ltd. by the respon- dent-company. As has come on record, ITC Bhadrachalam Finance Investments Ltd. has already given notices for terminating the hire purchase agreement dated 30-3-1995 as per relevant clauses of the above agreement. It is also not disputed that in the civil suit, filed by BFIL, formerly known as ITC Bhadrachalam Finance Investments Ltd., in the High Court of Judicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in favour of the plaintiff in order to bring to sale the shops, more particularly described in Exhibit HH hereto and this Hon ble Court be pleased to direct the sale of the said shops and credit the sale proceeds towards the decretal amount payable by the 1st defendant to the plaintiff; ( f )That the 1st and the 2nd Defendants be ordered and decreed to hand over possession of the said equipments, more, particularly described in Exhibit B-1 hereto to the plaintiff; ( g )That pending the hearing and final disposal of the suit, the Court receiver, High Court, Bombay, or any other fit and proper person be appointed as receiver of the said equipments more particularly described in Exhibit B-1 hereto and the shop premises more partic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the prayers made in the civil suit, as referred above, such serious dispute has been raised in regard to the hire purchase agreement made between ITC Bhadrachalam Finance Investments Ltd. and the petitioner-company and further, the whole equipment involved in the present matter along with the up-to-date rental instalment has been claimed by BFIL, formerly known as ITC Bhadrachalam Finance Investments Ltd., in my opinion, no case for winding up of the respondent-company has been made out in the present case. The judgment, referred above by the learned counsel for the petitioner, is not applicable to the facts and circumstances of the present case. 11. Accordingly, there is no merit in the company petition and the same is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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