9911796707
TMI Blog1998 (12) TMI 628X X X X Extracts X X X X X X X X Extracts X X X X ..... payable by the company to the petitioners a sum of ₹ 22,49.041.10 Ps. inclusive of interest as set out in particulars of claim with further interest at the rate of 22.5% per annum on ₹ 20 lakhs from the date of filing of the petition till payment. The said claim is based on the fact that at the request of the company, the petitioners agreed to place in or about October, 1996 with the company a deposit of ₹ 20 lakhs which the company required for the purpose of its business and in consideration thereof, the company executed in favour of and handed over to the petitioners a post dated cheque for ₹ 20 lakhs bearing No. 853471 dated 16th January, 1997. The petitioners have stated that company agreed to pay interest on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aforesaid persons to the said premises being given as a collateral security for repayment of the amount due under the said inter-corporate deposit alongwith interest accrued thereon. The company represented to the petitioners that the said persons would obtain necessary permission from the landlords who let out the aforesaid premises to them for the purpose of creating the said security. Accordingly, separate six sets of Agreements of Leave and Licence all dated 5th May, 1997 were executed and handed over to the petitioners. It is the case of the petitioners that they never exercised any right of entry nor did the company allowed the petitioners to have any joint possession as stipulated in the said Agreements of Leave Licence. The Leave ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out by the petitioners. 4. The company has stated that petitioners have suppressed the material and relevant facts with a view to mislead the Court and have built up their case on the transaction which in fact was not a true nature of transaction between the parties. The company has stated that there was multi-party transaction between the group of companies of petitioners and the group of companies of the respondent company and the outstanding due and the payable amount would depend upon reconciliation of accounts between the parties and arriving at the amount due, if any, at the foot of the account. It is further stated that even it be assumed that some amount is due and payable by the company to the petitioner, such amount stands ful ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tween the group of petitioners companies and group of respondent company. Prima facie, from the available material placed on record, it is clearly seen that a sum of ₹ 20 lakhs was advanced as inter-corporate deposit by the petitioners to the respondent-company initially in the month of October, 1996 and thereafter, the repayment of the said loan was renewed from time to time and in lieu thereof, the company executed demand promissory note, issued post-dated cheque which had been renewed every time. This position is clearly reflected from the document Exhibit G annexed with the company petition. The said document is a communication sent by the respondent-company to the petitioner wherein the respondent company confirmed balance outs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roup of companies of the petitioners and group of companies of the respondent. The defence therefore, prima facie raised by the company neither seems to be honest nor bona fide. In the light of this conclusion prima facie the various judgments cited by Mr. Chenai, learned Counsel for company that Court in winding up will not undertake detailed investigation but relegate parties to a civil suit need not be referred to. The other judgments cited by the learned Counsel for company that in order to understand bona fide dispute, Company Court will apply principles of Order 37 of the Civil Procedure Code 1991 (70) Com.Cas. 692 (Divya) need not be referred to since 1 have already found on facts that defence raised by the company is neither bona fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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