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TMI Blog2016 (9) TMI 1428X X X X Extracts X X X X X X X X Extracts X X X X ..... Vivek Dalal, learned counsel ORDER Heard on the question of admission. This petition under Section 433 and 434 of the Companies Act, 1956 has been filed seeking winding up of the respondent-Company. The case of the petitioner is that a sum of ₹ 1 Crore was advanced by the petitioner in the year 2008 to the respondent as short-term loan and the respondent had given two post dated cheques to secure the loan amount. The loan amount was not repaid, hence the petitioner had presented the post dated cheques issued by the respondent, but the same were dishnoured on the instructions of the respondent. Though the amount was paid by the petitioner as unsecured loan but the respondent is showing in his account the amount as Sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irectors in terms of Section 372- A(2) of the Companies Act, 1956 for extending the loan to the respondent and this company petition has been filed to recover the money and the petitioner s criminal complaint in this regard has already been rejected, hence no case for winding up is made out. Having heard the learned counsel for the parties and on perusal of the record, it is noticed that the petitioner had paid the sum of ₹ 1 Crore by two Cheques No.090243 and 090244 dated 21.1.2008 each for ₹ 50 Lacs. The receipt of these cheques has not been disputed by the respondent but a plea has been taken that the amount of ₹ 1 Crore was paid by the petitioner for allotment of shares. No application made by the petitioner for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 24.2.2008 and 057027 dated 25.2.2008 for ₹ 50 Lacs each, total ₹ 1 Crore and when these cheques where presented by the petitioner before the Bank, the same have been dishonoured. The attention of this Court has also been drawn to the balance sheet of the respondent, which reflects that the respondent has unsecured loan to the tune of ₹ 2 Crores. The current liabilities are more than ₹ 18 Crores whereas the fixed assets are only to the tune of ₹ 14 Lacs, which reflects that substrata of the Company has been eroded. The record further reflects that the petitioner had sent the statutory notice dated 15.1.2011 for payment of debt by registered post, speed post and under UCP which the respondent had refused to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve circumstances, it is found that the petition has been presented on the ground that is just and equitable for passing an appropriate order of winding up. Accordingly I order winding up of the respondent-Company in accordance with the provisions of the Act read with the Company Court Rules, 1949. 3. Accordingly and with a view to enable this Court to pass a final winding up order as contemplated under Rule 282 of the Rules, Official Liquidator of this Court who becomes a Liquidator of the Company by virtue of Section 449 of the Act, is appointed as Liquidator of the Company. The Registrar of this Court to take steps as provided under Rule 109 of the Rules so that necessary orders as required under Rule 112 onwards can be passed by this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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