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TMI Blog2018 (7) TMI 461X X X X Extracts X X X X X X X X Extracts X X X X ..... he number of members is reduced below two. Thus, the Company, which is a private limited Company, is liable to be wound up also under Section 433(d) of the Act of 1956. Petition allowed. - Company Petition No. 24, 25 of 2012 and COP 01/2013- COP 01/2015 - - - Dated:- 19-6-2018 - C. V. BHADANG, J. Shri R. G. Ramani and Shri P. Kakodkar, Advocates for the Petitioner. JUDGMENT : This is a petition for winding up of Goan Riviera Resorts Pvt. Ltd (Company, for short) under Section 433, 434 and 439 of the Companies Act, 1956. The present petition was admitted on 07/03/2014. 2. As per the decision of this Court in the case of West Hills Realty Private Ltd Vs. Neelkamal Realtors Tower Pvt. Ltd.; 2017(2) BCR 693, the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rozen since may 2007 and thus, according to the petitioner, the Company is defunct Company since inception. It is, in these circumstances, that the petitioner is praying for winding up of the Company. 7. Mr. Eric Sequeira filed reply opposing the petition. Mr. Eric Sequeira has set out the various properties, which are associated with Company, in which the Company has made financial investment. He has further set out the various litigations in which the Company is a party, including the cases filed by the petitioner. It is contended that the petition does not satisfy the criteria under which the Company can be wound up. It is contended that it was the responsibility of both the Directors, to hold quarterly meetings and Annual General Mee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n and has not been carrying on any business or operation for a period of two years and has not made any application within such period for obtaining the status as a Dormant Company under Section 455 of the Act of 2013. It is submitted that notwithstanding the fact that the name of the Company has been struck off, the petition for winding up would be maintainable in view of subsection (8) of Section 248 of the Act of 2013. He, therefore, submits that the petition be allowed. 10. I have carefully considered the circumstances and the submissions made. 11. Section 433 of the Act of 1956 sets out the circumstances, in which the Company may be wound up. The said section reads as under : 433. Circumstances in which company may be wound ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the statutory report to the Registrar or in holding the statutory meetings and if the Company does not commence its business within a year of incorporation or suspends its business for the whole year. Similarly, under Section 433(d) of the Act of 1956, the Company can be wound up if the number of members is reduced below two in case of a private Company (as in the present case). Under Section 433(g), the Company can be wound up if it has made default in filing with the Registrar its balance sheet, profit and loss account or annual returns for five consecutive financial years. In my considered view, the provisions of Section 433(b), (c), (d) and (g) of the Act of 1956 would be attracted in this case and thus, it would be just and proper that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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