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TMI Blog2008 (2) TMI 617X X X X Extracts X X X X X X X X Extracts X X X X ..... ant under sections 433(e), (f), 434(1)(a ) and 439(1)(b) of the Companies Act, 1956, read with rule 11(a) of the Companies (Court) Rules, 1959. 2. The facts as appears from the pleadings shows that Sterling Holiday Resorts India Ltd., (hereinafter referred to as "the company") approached the appellant for a sum of Rs. 500 lakhs. As per loan agreement dated 6-11-1996, loan amount was to be repaid within a period of two years in six equal quarterly instalments with interest at 24 per cent per annum, and additional interest of 3 per cent per annum, on the total amount defaulted. The loan was acquired by personal guarantees of some of the directors of the company and the shares of some of the shareholders were pledged by the company. A promiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of a sum of Rs. 7,75,64,563 together with interest thereon at 36 per cent per annum, from 1-12-1998, and that the said suit is pending. The borrowing under the terms of the loan agreement dated 6-11-1996, was guaranteed by defendant Nos. 4 to 6 in the said suit, apart from 8,39,800 equity shares of Rs. 10 each under the unattested document dated 6-11-1996, along with blank transfer deeds in favour of the respondent. On 28-1-1997, further 17,53,000 shares of the company were pledged in favour of the corporation. Thus, the company's shares, totalling to 25,92,800 were placed with the corporation as security for the amount advanced. It was also noticed by learned judge that in view of difficult financial situation between 1998 and 2003, fift ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame judgments rendered by the Supreme Court or this Court. 7. We have noticed the relevant facts and the rival contentions and also gone through the judgments as referred to by the parties. 8. The only question that requires determination in this case is whether there is a bona fide dispute and the petition for winding up should proceed or not. 9. The question relating to the winding up of the company fell for consideration before the Supreme Court in Pradeshiya Industrial and Investment Corpn. of U.P. v. North India Petro Chemical Ltd. [1994] 79 Comp. Cas. 835. In the said case, having noticed section 433 of the Companies Act, the Supreme Court held that a company could be wound up under clause (e) of the said section, if the company is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as back as in the year 2005 to the tune of Rs. 44.18 crores. Though a number of suits, etc., were preferred by other financial institutions, except the appellant-corporation, the company was in a position to make settlement with all the creditors and paid back its liability. It is not in dispute that the corporation has already preferred a suit against the company and its directors, C.S. No. 577 of 1999, before the City Civil Court, Ahmedabad, and prayed for a judgment and decree for a sum of Rs. 7,75,64,563 together with interest thereon at 65 per cent per annum, from 1-12-1998. In the said suit, in view of the interim order of the City Civil Court, Ahmedabad, the company has already deposited a sum of Rs. 7.50 crores, almost the amount c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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