9911796707
TMI Blog2018 (9) TMI 1930X X X X Extracts X X X X X X X X Extracts X X X X ..... rther and lodge criminal complaint against the erring directors, without seeking prior sanction of this Court for initiation of criminal prosecution. Registry to return the amount of ₹ 10,000/ deposited by petitioner subject to any deductions if any. - Company Petition No.540 Of 2012 - - - Dated:- 3-9-2018 - K.R.Shriram, J. Mr.Ganesh Ambekar I/by Thakore Jariwala Associates for petitioner. None for respondent. P.C.: 1. The petition is filed for winding up of the respondent Company Euro Ceramics Limited on the grounds that the company is unable to pay its debts to petitioner and is commercially insolvent. 2 At the time of admission on 2.7.2018, the following order came ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as honoured but the cheque for ₹ 7,35,391/ was dishonored due to insufficient funds. Separate proceedings under Section 138 of the Negotiable Instruments Act 1881 are pending. In reply to the notice under Section 138 of Negotiable Instruments Act 1881, the stand of the company is that those two cheques were given only as security cheques and as the goods supplied were of substandard and inferior in quality and not as per the specification, the company has suffered monetary loss of more than 15 20 lakhs. 5 It is stated in the petition that thereafter, petitioner and the Director of petitioner and Director and another Officer of respondent company met in the month of January 2012 and agreed to settle the matter whereby the com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shred of evidence from the company to justify their stand that the goods supplied were of inferior quality. If the goods supplied were of inferior quality, I would have expected the company to immediately address a communication to petitioner raising the same. It is not the company's stand that the goods were not consumed, were rejected and still available for petitioner to take them away. The fact is that the company has consumed those goods and as stated in paragraph 13 of the affidavit in reply, has agreed to pay the principal amount but having enjoyed the credit for more than one year, is only refusing to pay interest. 8 The fact that the company even approached BIFR indicates that the company was unable to pay its debts a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts, books of account, stock in trade, cash on hand, movable properties including future and fixtures as well as an immovable properties . 7 Petitioner's advocate, within two weeks, to forward an authenticated copy of this order to the Official Liquidator who shall take immediate steps without waiting for any notification. The counsel for petitioner also to forward a copy of this order to the National Company Law Tribunal, Mumbai for information. 8 Upon receipt of the authenticated copy from petitioner's advocate, the Official Liquidator shall forthwith cause notice to all concerned directors calling upon them to file their respective statement of affairs strictly in consonance with the provision of law. All directo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
