9911796707
TMI Blog2003 (1) TMI 532X X X X Extracts X X X X X X X X Extracts X X X X ..... being the transporter and engaged in the said business, have on several occasions transported companies H.D.P.E. Bages. According to petitioner, a sum of Rs. 1,02,440 remains outstanding on the respondent towards payment of petitioner s unpaid bills which they had sent for doing transportation work. It is alleged that though several reminders were sent by the petitioner to the respondent but they were of no avail. Lastly, notice under section 434 of the Act was also served demanding outstanding but the same was also not paid and hence, this petition for winding up of Company on the ground of deemed unable to pay the debt of petitioner. The case of the Company in the return is that of denial. In other words, the Company has denied their liab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s must be to save the company from being wound up, if the case to that effect is made out on facts. It is for this purpose and keeping in view this objective, the Legislature has enacted sub-section 2 of section 443 which empowers the Company Court to exercise powers while hearing a petition for winding up. Sub-section 2 does empower the Company Court to refuse to make an order of winding up, if it is of an opinion that some other remedy is available to the petitioners and that they are acting unreasonably in seeking to have the company wound up instead of pursuing that other remedy. 6. In normal circumstances, the remedy of petitioner for recovery of Rs. 1,02,440 lies in filing civil suit under the general law on establishing his claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of claim laid by the petitioner, the defence taken by the company in relation to claim, in question, the financial position of a company, its viability, commercial sustainability in the market, whether the debt is admitted by the respondent company or not etc. It is always regarded as a petition not at the instance of one creditor but is regarded as petition in its representative capacity once admitted. It is essentially for these reasons, a rule of caution is provided by judicial pronouncement not to entertain the petitioners for winding up unless a very strong prima facie case is made out on facts else, it affects the very existence of company in commercial market. 7. Learned counsel for the petitioner contended that a case for wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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