9911796707
TMI Blog2013 (6) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... for other oblique reasons which are not visible to this Court and of the management of the appellant Company seeking the winding up to remove a blemish from their own record and which may be coming in the way of their other ventures, cannot be ruled out. Application for voluntary winding up rejected. - CO. APPEAL Nos. 58-59 OF 2011 - - - Dated:- 20-4-2012 - RAJIV SAHAI ENDLAW, J. R.C. Beri and S.K. Beri for the Appellant. Darpan Wadhwa, Sachin Datta, Rajeev Sharma and Sahil Bhalaik for the Respondent. ORDER Rajiv Sahai Endlaw, J - This appeal under Section 483 of the Companies Act, 1956 is preferred against the order dated 4th July, 2011 of the learned Company Judge dismissing Co.Pet.316/2006 filed by the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter of arbitration; (iii) that the appellant had also concealed that it had in the said arbitration proceedings filed a counter claim of Rs. 11,21,63,605/- against Prasar Bharti's claim of Rs. 4,54,74,256/-; (iv) that if the said counter claim of the Company succeeded, the possibility of revival of the appellant Company could not be ruled out; (v) thus it could not be said that the substratum of the appellant Company had disappeared or that there was no possibility of resumption of business. The learned Company Judge in this regard has relied on New Swadeshi Mills of Ahmedabad Ltd. v. Dye-Chem Corpn. [1986] 59 Comp. Cas. 183 (Guj.) and Bombay Metropolitan Transport Corpn. Ltd. v. Employees of Bombay Metropolitan Transport Corpn. Ltd.(CIDCO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31st March, 2009 31st March, 2010. A perusal thereof shows the appellant Company to have taken unsecured loans of Rs. 1,47,54,464/- and having inventories of Rs. 2,21,88,188/-. However the schedule giving particulars of the said inventories is not included in the compilation handed over to us. 6. We have further enquired from the counsel for the appellant, the steps taken by the creditors of the appellant Company, even though unsecured, for recovery of their dues of 1,47,54,464/-. The counsel states that no steps have been taken by any of the creditors for recovery of their dues till now. 7. Even though the counsel for the appellant Company has offered to give up the counter claim against Prasar Bharti and further offered that the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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