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2013 (7) TMI 1117 - HC - Companies LawMaintainability of application for winding up the company on default of paying debts - applicability of limitation act - the petition is for winding up the Company on the ground that the Company is unable to pay its debts. The agreement was signed by the lenders, the Company as well as two personal guarantors, a Director of the Company, was one. The loan was for a period of three months. By orders of this Court Sarla Fabrics Pvt. Ltd. was amalgamated with Shahi Exports Pvt. Ltd., one of the present petitioners. On 28.11.2011, the petition for winding up the company was filed in this Court. HELD THAT:- The Company Petition is held maintainable. As, the orders of this Court under which the amalgamation was sanctioned were filed by the petitioners, accompanied by an affidavit of the authorised signatory of petitioner no. 1. The Registrar of Companies was also duly intimated about the amalgamation in the prescribed form which was acknowledged and the merger was approved by him. The present petition was filed on 28.11.2011 after the amalgamation. the amount borrowed from Surabhi Sindhu, the Company had repaid and the balance of was transferred to the "share application money account". The shares, however, have not been allotted. The balance sheet was signed by the Directors as well as the Chartered Accountants on 1.9.2010 and if this date is taken as the date of acknowledgment of the debt, as it ought to be in the light of the settled legal position in this behalf, the period of limitation gets extended up to 31.08.2013. Petitioners are entitled to costs of ₹ 25,000/- from the respondent-company.
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