Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2011 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (11) TMI 534 - HC - Companies LawWinding up – company unable to pay its debt – Extended period of limitation - respondent-company instead of redeeming the loan, offered to convert it into equity shares in petitioner's favour - shares were not issued by the respondent-company - claim by the petitioner was filed after a gap of more than twelve years – Held that:- it was a loan and that the respondent-company had treated it as share application money in its balance sheets. Acknowledgement of the petitioner's loan by Chartered Accountant of respondent-company, as well as in the respondent-company's balance sheets not only extends the period of limitation but also constitutes fresh cause of action for filing a winding up petition. Accordingly, the present winding up petition is within limitation. Even after the petitioner issued a winding up notice, the respondent company did not issue any shares. once a winding up notice is issued, it is not open to the respondent to state that it is now willing to issue shares. Sum of Rs. 50,00,000/- has not been refunded by the respondent, such sum constitutes a debt in praesenti. Winding up petition allowed
|