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2016 (8) TMI 1542 - HC - Companies Law


Issues:
- Winding up of the Respondent Company
- Failure to pay debts by the Respondent Company
- Dishonored cheques issued by the Respondent Company
- Service of statutory notice and Company Petition
- Admittance of the Company Petition
- Advertisement and publication requirements

Winding up of the Respondent Company:
The Company Petition was filed seeking to wind up the Respondent Company due to its inability to pay debts amounting to ?3.44 Crores, inclusive of interest. The Petitioner had supplied materials to the Respondent Company as per purchase orders, raising tax invoices totaling ?2,21,81,246. The Respondent Company issued four cheques amounting to ?2.20 Crores in discharge of their liability, but these cheques were dishonored due to insufficient funds.

Service of Statutory Notice and Company Petition:
The statutory notice and Company Petition were served on the registered office of the Respondent Company. Despite the notices being returned unclaimed, the service was deemed complete and valid based on the company's registered office address matching the service address. The Court relied on previous decisions to confirm the sufficiency of service, emphasizing that the Respondent Company had been duly notified.

Admittance of the Company Petition:
After reviewing the documents and proceedings, the Court found that substantial amounts were owed by the Respondent Company to the Petitioner, with the debt being undisputed. The dishonor of the issued cheques further indicated the Respondent Company's inability to pay its debts. Consequently, the Court admitted the Company Petition, scheduling a return date for further proceedings.

Advertisement and Publication Requirements:
The Court ordered the advertisement of the Company Petition in two local newspapers and the Maharashtra Government Gazette. The Petitioner was directed to deposit a sum towards publication charges, with non-compliance leading to the dismissal of the Company Petition. The publication requirements were outlined to ensure proper notice and adherence to the Companies (Court) Rules, 1959.

 

 

 

 

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