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TMI Blog2012 (5) TMI 250X X X X Extracts X X X X X X X X Extracts X X X X ..... -10-2006 resolving to wind up the petitioner-company by the Court -Court finds that the petitioner-company has filed counter-claim of Rs. 11,21,63,605 against Prasar Bharti in arbitration proceedings which is still pending adjudication. In the event, the counter-claim of the petitioner-company is allowed, the possibility of revival of petitioner-company cannot be denied. - no justifiable ground for winding up is made out. - petition and application are dismissed - CO. PETITION NO. 316 OF 2006 AND CO. APPLICATION NO. 1478 OF 2006 - - - Dated:- 4-7-2011 - MANMOHAN, J. R.C. Beri and S.K. Beri for the Petitioner. Darpan Wadhwa and Ms. Sheena Iype for the Respondent. Chandan Sharma and Rajeev Sharma for the Prasar Bha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bombay Metropolitan Transport Corpn. Ltd. v. Employees of Bombay Metropolitan Transport Corpn. Ltd. (CIDCO) [1991] 71 Comp. Cas. 473 (Bom.) wherein the Court has held, "That the company is unable to pay its debts is not, as it cannot be, disputed. It is not relevant that the company got into its present straitened financial position due to its own misdoings or mismanagement, nor is the motive behind the filing of the winding-up petition relevant. This Court said in Bachharaj Factories Ltd. v. Hirjee Mills Ltd. [1955] 25 Comp. Cas. 227 (Bom.) : "If the petitioners have made out a case for the winding up of the company, if they have placed materials before the Court which satisfy the Court that the company is insolvent, if they have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chandan Sharma, learned counsel for Prasar Bharti joins the counsel for ROC in opposing the present petition. He submits that the petitioner-company is seeking winding up only to render infructuous the arbitration award to be passed against it in a proceeding initiated by Prasar Bharti, which is pending adjudication. He also states that the petitioner-company has not disclosed to the Court that that the petitioner-company has filed a counter-claim of Rs. 11,21,63,605 against Prasar Bharti's claim of Rs. 4,54,74,256.25. 7. Having heard the learned counsel for parties and having perused the papers, I am of the opinion that it would be appropriate to first enunciate the settled principle of law with regard to winding up. 8. While Chap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le evaluating this, the Court has not only to just take the present financial position of the company into consideration, but also its future financial prospects. In fact, in New Swadeshi Mills of Ahmedabad Ltd. v. Dye-Chem Corporation [1986] 59 Comp. Cas. 183 (Guj.), the Court held : "It may be that despite the inability to pay its debts, a company has still prospects of coming back to life and if the court is told of any specific proposal, which in the opinion of the court is likely to materialize, the court will be inclined to give a chance to resurrect the company. It should be the policy of the court to attempt to revive though at the moment the company may not be solvent and may not be able to meet its obligations to its credito ..... X X X X Extracts X X X X X X X X Extracts X X X X
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