9911796707
TMI Blog2002 (12) TMI 641X X X X Extracts X X X X X X X X Extracts X X X X ..... he Provisions of the Companies Act and for an appointment of official liquidator to take out the assets, books and record of the respondent Company. 2. The Petitioner and the respondent have entered into Lease Agreement No. LS 223 dated September 23, 1999 and 14 Supplementary Leases Schedules (Lease Agreement) as well as Loan Agreement dated November 30, 1999 Nos. LA04 and 04-1 (Loan Agreement). 3. As per the terms and conditions of the Agreements, Certain equipment was procured by the respondent through the petitioner, after the same was purchased by the petitioner from companies identified by the respondent. All equipment purchased by the petitioner was of the required size design, capacity and specifications suitable to the requirement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing that the respondent is not sincere in making payments, the petitioner got issued legal notice dated September 5, 2001, demanding payment of ₹ 6,40,11,389/- reserving its right to claim the amount that become due and payable and which are not mentioned in the said legal notice. The said legal notice was replied. No payments were made. Petitioner was constrained to file this Company petition stating that a sum of ₹ 23,86,39,232.19ps. is the amount of legally payable from the respondent Company and the respondent is unable to pay the said amount, as such the company is to be wound up. 7. After hearing both the parties, the petition came to admitted on 11-03-2002 and the petitioner company was directed to take out advertisement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner. They further contend that an amount of ₹ 23,86,392.19 ps. Is payable in installments over a period of 36 months and there was no clause to claim the entire amount on the ground that there was a default in payment of installments. The respondent has also admitted the correspondence between the parties, causing of legal notice and contended that they are not due in a sum of ₹ 23,86,392,19ps as claimed by the petitioner. 10. In the meanwhile, Company Petition No. 50/2 is filed by M/s Multiple Zones India Pvt Ltd., contending that they have supplied computers to the respondent Company to the value of ₹ 5,93,975/- and the respondent had made payments to the extent of ₹ 3,36,395/-. In spite of the statutory noti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the company is to the tune of ₹ 23 Crores, the respondent in categorical terms has admitted the execution of the agreement between the parties and the amounts mentioned therein. Except, for first installment and part of second installment, no amount is paid by the respondent company to the petitioner company. Though they are disputing of the total liability claimed, they have admitting the liability to an extent of ₹ 17 Crores to the petitioner. In so far as the other two petitioners are concerned, they admit the entire liability. 14. In all these cases, it is not in dispute that the petitioners company have issued statutory notice under section 434 (1) (a) of the Companies Act, Claiming a sum in excess of ₹ 500/- . The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the respondent company to the petitioners in view of the admissions under these circumstance, I Pass the following order, ORDER The Company petition is allowed with the following observations and directions: - (1) That the respondent company be wound up by this Court under the provisions of the Companies Act, 1956; (2) That the official Liquidator do, as liquidator of the respondent company and he shall forthwith take charge of all the property and effect of the said company; (3) That the official liquidator shall cause a sealed copy of this order to be served on the company by pre-paid registered post; (4) That the petitioners do advertise with in 14 days from this date a notice in the prescribed form of making of this order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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