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2014 (1) TMI 1522 - HC - Companies LawWinding up of company - Inability of PPCL to pay its debts in terms of Section 434(1)(a) - HDFC had not yet amended the petition to bring it under Section 434 (1) (c) of the CA - Held that:- there is no pleading that the notice was sent at the registered office of PPCL by speed post and was not returned unserved and that, therefore, it should be deemed to have been served on PPCL. Consequently, it is not possible for the Court to proceed on that basis and conclude that the company should be deemed to be unable to repay its debts. It cannot be said that the requirement of Section 434 (1) (a) of the CA has been satisfied in the present case - There was sufficient time for HDFC to have done so considering that the DB’s order was passed more than two months ago. Further, there was sufficient time for HDFC to have filed an application to amend the petition on the basis of the information available in the balance sheet of PPCL as on 31st March 2010 and reserve its rights to add further averments on the basis of the information it could have sought from PPCL through the Court - HDFC has not been able to make out a case for proceeding against PPCL under Section 434 (1) (a) of the CA. The orders dated 15th February 2013 and 1st May 2013 are recalled - The OL is directed to restore the possession of the premises, assets and records taken over by him to PPCL through its Managing Director within one week - Decided against Petitioner.
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