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TMI Blog2014 (6) TMI 1088X X X X Extracts X X X X X X X X Extracts X X X X ..... d para, there is an admission that the property standing in the joint names of the wives of the petitioner and his brother i.e., the present Managing Director, was sold to discharge the liability of the Bank and for getting the documents released. It is not the pleaded case of the petitioners that for nonpayment of the value of the share in the joint property that these Company Petitions are filed. Therefore, the said averment has no relevance. Section 433 of the Companies Act, 1956 envisages a remedy for the creditor of seeking dissolution of the company which is unable to pay its debts. In a long line of cases, it has been held that the jurisdiction under this provision shall not be invoked for enforcing payment of a disputed debt - On th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent by way of cheques and that under a Memorandum of Understanding entered into on 25-11-2012 (for short "the MoU") between the petitioner in C.P.No. 244/2013 and his brother, who is presently managing the respondent-company, it was agreed that the same will be taken over by one of the two brothers i.e., Pabba Bhim Shankar and that he will discharge all the liabilities already incurred by the company. As the claims of the petitioners for repayment of the monies stated to have been given to the respondent-company were denied by its Managing Director, they have filed these two Company Petitions for an order to wind up the respondent for nonpayment of the debts. Separate counter-affidavits have been filed on behalf of the respondent. It will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the joint names of the wives of both the brothers be sold to discharge the liability of the Bank and get the documents released; that accordingly the said property was sold under sale deed dated 12-12-2012 and the sale proceeds were credited into the Company's account which were paid to the Bank and the mortgaged property got released. Reply affidavits have been filed by the petitioners wherein they have reiterated their claim that they have advanced monies to the respondent. I have heard Sri Manu, learned counsel for the petitioners and Sri T. Surya Satish, learned counsel for the respondents. The sum and substance of the case of the petitioners is that while the petitioner in C.P.No.243 of 2013 has advanced certain monies under che ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e no liability on the respondent-company. Sri Manu, the learned counsel for the petitioners, relied upon para-7 of the counter-affidavit in C.P.No.243/2013 and submitted that the respondent has admitted the debt. In order to deal with this submission, it is necessary to reproduce the said para-7, hereunder : "I further submit that even the disputes with regard to the business of the respondent company and other immovable properties was settled under the arbitration which was reduced into writing by the elders on 25/11/2012. The said document was duly signed by myself and the husband of the petitioner herein. There is no mention about the alleged advance made by the petitioner and borrowed by the respondent company which is directed to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Bank and for getting the documents released. It is not the pleaded case of the petitioners that for nonpayment of the value of the share in the joint property that these Company Petitions are filed. Therefore, the said averment has no relevance. Section 433 of the Companies Act, 1956 envisages a remedy for the creditor of seeking dissolution of the company which is unable to pay its debts. In a long line of cases, it has been held that the jurisdiction under this provision shall not be invoked for enforcing payment of a disputed debt (See : M/s. Madhusudan Gordhandas & Co. Vs. Madhu Woollen Industries Pvt. Ltd. (1971) 3 SCC 632 and Amalgamated Commercial Traders (P) Ltd. Vs. A.C.K. Krishnaswami and another 1965(35) Comp. Cases 456 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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