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TMI Blog2016 (3) TMI 335X X X X Extracts X X X X X X X X Extracts X X X X ..... hereby ordered to be woundup. The Official Liquidator attached to this Court is appointed as the Official Liquidator of the respondent-Company and is directed to take over the possession of the entire assets of the respondent-Company, that is, movables, immovables as well as Bank Accounts etc. The Official Liquidator is further directed to take all measures for the winding-up of the respondent-Company as provided under the Companies Act. - COMPANY PETITION NO. 212 of 2012 - - - Dated:- 16-2-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITONER : MR RD KINARIWALA, ADVOCATE FOR MR PT CHACKO, ADVOCATE FOR THE RESPONDENT : MR DK TRIVEDI, ADVOCATE ORAL JUDGMENT 1. The present petition under Sections 433 and 434 of the Companies Act, 1956 ( the Companies Act ) has been preferred by the petitioner with a prayer to issue an order of winding-up of M/s. Sparta Cements and Infra Limited , the respondent-Company, and to appoint the Official Liquidator attached to this Court as the Liquidator of the entire assets, properties, affairs and records of the respondent-Company, with all available powers under the Companies Act. 2. It is the case of the petitioner that the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said meeting. Thereafter, the petitioner frequently demanded the settlement of the total outstanding dues, by various written communications, telephone calls and emails. However, the respondent-Company has failed to make any payment. 5. It is further the case of the petitioner that in partpayment of the dues, the respondent-Company has issued ten Cheques of rupees ten lakh each, drawn on Union Bank, Ashram Road, Ahmedabad Branch. However, all the above Cheques were dishonoured due to insufficient funds in the account of the respondent-Company. The petitioner has filed complaints under Section 138 of the Negotiable Instruments Act, 1881, against the respondent-Company and its Managing Directors, which are pending. As the respondent-Company has consistently failed to make payment of the amount due to the petitioner, Notice under Section 434 of the Companies Act, was issued to it on 20.01.2011. The respondent-Company replied to the statutory notice on 10.02.2010, admitting the outstanding amounts and stating that it has approached Banks to restructure the loans for the sanction of fresh working capital limits and is in the process of looking out for new investors. The petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the fact that the dues of the petitioner have been admitted by the respondent-Company. 12. On 07.08.2014, this Court has passed an order admitting the petition. However, the order of publication had been deferred, at the behest of learned counsel for the respondent, with a view to enabling the respondent-Company to overcome its financial crisis. 13. The respondent-Company filed an Undertaking before this Court on 18.11.2014, whereby eight Cheques, drawn on IDBI Bank, were handed over to the petitioner, as below: Sr No Cheque No Cheque Date Amount 1 866159 10/04/15 25,00,000/- 2 866160 16/04/15 50,00,000/- 3 866161 22/04/15 50,00,000/- 4 866162 30/04/15 50,00,000/- 5 866163 10/05/15 50,00,000/- 6 866164 16/05/15 50, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and, therefore, at this stage, order of advertisement may not be passed and the same may be deferred for a period of eight weeks. The request is accepted. The publication of advertisement is deferred for a period of eight weeks. S.O. to 4.9.2015. 17. As is clear form the above order, once again, the order of publication of the advertisement was deferred by this Court, at the behest of the respondent. The opportunity granted to the respondent-Company by the Court was not availed of and the respondent-Company still did not make the payment of the outstanding dues to the petitioner. Therefore, by an order dated 06.10.2015 this Court (Coram: Hon ble Mr. Justice V.M.Pancholi) permitted the petitioner to publish an advertisement in the Gujarati daily newspaper Sandesh and the English daily newspaper Indian Express , Ahmedabad editions. The publication of the advertisements has been carried out as per the directions of this Court. 18. When the petition came up for final hearing on 27.01.2016, Mr. D.K.Trivedi, learned advocate for the respondent-Company made a statement, upon instructions, that the respondent-Company is desirous of settling the dues of the petitioner, therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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