Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2015 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (3) TMI 1034 - HC - Companies LawWinding up petition under Sections 433(e) & (f), 434 and 439 of the Companies Act, 1956 - Default in refund amount - Substantial amount paid during the proceedings - Held that:- In the present case, it is indisputable that the respondent was liable to refund the amount of ₹ 6,87,500/- to the petitioner. In view of the fact that the project in question had been delayed, the petitioner would, prima facie, be entitled to a refund of the amount paid from the date of payment. However, there can be no dispute that the petitioner would be entitled to interest on ₹ 3,50,000/- from 30.11.2009 and on ₹ 3,37,500/- from 05.12.2009 i.e. the dates on which the respondent promised to refund the said amounts to the petitioner. In the present case, it is undisputable that the respondent has failed to pay its debts despite a notice under Section 434(1)(a) of the Act. Thus, the present petition is liable to be admitted. However, in view of the fact that the respondent has paid substantial amount of debt (Rs. 5,00,000/-) to the petitioner during the course of the present proceedings and has further deposited a sum of ₹ 48,750/- with this Court, I deem it appropriate to give an opportunity to the respondent to pay the balance amount to avoid any adverse order. The respondent shall also pay interest at the rate of 12% on the amount payable to the petitioner w.e.f. 30.11.2009 on ₹ 3,50,000/- and w.e.f. 05.12.2009 on ₹ 3,37,500/-. The amount already paid by the respondent to the petitioner would be adjusted from the principal outstanding. The respondent shall pay the amount as directed within four weeks from today. In the event that the respondent fails to pay the amount as directed (alongwith interest) within a period of four weeks from today, the petition would stand admitted and necessary orders would follow.
|