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TMI Blog2010 (9) TMI 235X X X X Extracts X X X X X X X X Extracts X X X X ..... d ‘SANJEVANI’ Kannada Newspaper within fourteen days from the date of receipt of copy of this order. Petitioner-company to serve certified copy of this order with the Registrar of Companies within thirty days from the date of receipt of copy of this order. Ordered accordingly. - COMPANY PETITION NO. 109 OF 2009 - - - Dated:- 29-9-2010 - H.N. NAGAMOHAN DAS, J. Aditya Sondhi for the Petitioner. M.G. Javeed Ahmed Khan and S. Byrappa for the Respondent. ORDER 1. In this petition filed under section 433( e ) and ( f ) of the Companies Act, 1956 the petitioner is praying for an order to wind up the respondent-company. 2. Petitioner-company contends that under an agreement of lease dated 24-12-2004 as per Annexur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the lease in favour of the petitioner-company is not terminated. The petitioner-company has not returned the furniture leased to them and therefore the question of refunding the security deposit will not arise. Therefore the petitioner is before this Court in this petition. 5. Heard arguments on both the side and perused the entire petition papers. 6. The respondent-company was the owner of premises and furniture in question is not in dispute. Further it is not in dispute that under a lease deed dated 24-12-2004 as per Annexure A the respondent-company leased the premises and furniture on rental basis to the petitioner. Further it is not in dispute that under an agreement of security deposit dated 24-12-2004 as per Annexure B respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... however, a special charge which is recognised by the Indian Companies Act. In the present case, we are concerned with the Indian Companies Act (Act VII of 1913) which was the Act in force at the relevant date. A floating charge is created by making the assets or the undertaking of the Company a security for the payment of debts in to which the company enters. Such a charge might cover properties which may be specified or unspecified in the document creating the charge. The description may be general one. A peculiar feature of this transaction, however, is that it is not possible to predicate the exact property on which the charge would operate until the happening of a future event. This future event may be the appointment of a receiver at t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any as evidenced in the sale deed dated 14-6-2007 - Annexure D. Against this act of the secured creditor the respondent-company has not taken any action. Therefore I am of the opinion that the defence offered by the respondent-company is not valid, bona fide and genuine. 9. It is seen from the record that the respondent-company suffered cumulative losses to an extent of Rs. 2455.52 lakhs. Further it is seen that the respondent-company has not cleared the dues to some of other secured creditors also. This material on record clearly establishes the fact that the respondent-company is not financially sound and capable of paying the debt due to the petitioner-company. 10. For the reasons stated above, the following : ORDER (I)Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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