9911796707
TMI Blog2008 (9) TMI 572X X X X Extracts X X X X X X X X Extracts X X X X ..... ank has filed proceedings for recovery under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, before the Debts Recover Tribunal, it cannot maintain the petition for winding up. Thus the respondent-company is directed to deposit a sum of ₹ 2,94,60,698 within a period of eight weeks from today, failing which the company petition shall stand admitted and the petitioner shall advertise the petition in two local newspapers, viz., Free Press Journal, Maharashtra Times and in the Maharashtra Government Gazette. The petitioner shall deposit an amount of ₹ 10,000 with the Prothonotary and Senior Master towards the publication charges within three weeks from the date of default with an intimation to the Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the bank as may be demanded by it. The agreement was liable to be cancelled upon certain termination events specified in the contract such as defaults, etc. 3. In the present case, on October 1, 2007, the bank issued a CAL, sanctioning derivative limits to the extent of Rs. 1.52 crores so as to enable the company to enter into forward and options contract and other derivative limits with the petitioners to hedge their currency risk. On October 15, 2007, the company appointed Mr. Jasmin Mehta, the Chief Finance Officer, to execute the ISDA Agreement and to enter into derivative transaction. On October 18, 2007, the board of the company passed a resolution enabling the company to enter into derivative transaction with the petitioner-ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en the parties in which the company has claimed that they had issued a blank cheque and that they are fully solvent with a networth of Rs. 80.57 crores. 5. Mr. Hakani, learned counsel for the company, submitted that the company bona fide disputes the said liability and has, in fact, filed Suit No. 3398 of 2007 on December 10, 2007, prior to the statutory notice dated December 18, 2007. According to learned counsel, though the company does not dispute the documents and the contract between the parties, there is a dispute about two transactions dated October 24, 2007 and October 30, 2007, in relation to options and the said transactions have been challenged by the company as illegal, void and not binding on the company. It may be noticed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner-company also made payment of Rs. 14,18,760 to the company by crediting its account bearing No. 515348420 with the petitioner. No doubt it is contended by Mr. Hakani on behalf of the respondent that the amount has been unilaterally credited by the petitioner by depositing the amount in the company's account maintained by the petitioner. However, that was the mode of payment prescribed by the agreement. 7. It must, however, be noted that the truth or otherwise of the defence taken by the company would be liable to be tested by the court in the suit or other proceedings filed by the petitioner before the Debts Recovery Tribunal. The observations made herein are only prima facie and restricted to the present proceedings for wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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