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TMI Blog2010 (10) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... s and since considering the report of the Chartered Accountant and the balance-sheet, the Company is totally insolvent which, in our view, has rightly been ordered to be wound up by the learned single Judge by giving cogent reasons. The learned counsel for the appellant is unable to point out that the Company’s financial position is sound to meet the liabilities. In fact, looking to the facts and circumstances and considering the report of the Chartered Accountant, in our view, the Company in question deserves to be wound up as it is totally in an insolvent position. Appeal dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... decided the said point and it has been observed in paragraph 30 of the said judgment thus : "30. In the view that we have taken and finding that the law laid down in Krishna Filaments cannot be said to be any longer valid and good in the light of the statutory provisions that the further issue, about correctness of the conclusions recorded by Division Bench in paras 25 and 26 and the interpretation placed on the definition of the word "debt" need to be considered. Now, the Bank or financial institution as an assignee can proceed under the Securitization Act, so also under the RDB Act. The term "debt" as appearing in section 2( g) would have to be considered in the light of the broad interpretation that we have placed on the provisions of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and "financial institution" appearing in the RDB Act, 1993 and the relevant provisions of Securitization Act so also to give full effect to the same, it will have to be held that it was permissible for parties such as Arcil to apply for amendments to the Original Application No. 89 of 2005." 4. So far as assignment of debt is concerned, recently the Hon'ble Supreme Court of India in the case of ICICI Bank Ltd. v. Official Liquidator of APS Star Industries Ltd. [2010] 104 SCL 37 decided on 30th September, 2010 has upheld such assignment. It, therefore, cannot be said that ARCIL has no locus standi to move the Company Judge for winding up of the Company by virtue of such assignment. 5. It is not in dispute that the Company's financial posit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceptionable. If there is a silver lining, then the dark clouds need not impel the Company Court into admitting the petition for winding up the company. But is there a silver lining at all in the appellant's case is the crucial question. We have already referred to the gist of the affidavit in reply filed to oppose admission of the winding up petition. One would have expected the argument to be based on surer foundation. If there was any material presented before the Company Court to indicate that the company's assets far exceeded its liabilities, or that the cash crunch was only a temporary phase, and given a little breathing time, the company would soon come out of straits, the argument could have been considered. After anxiously scanning ..... X X X X Extracts X X X X X X X X Extracts X X X X
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