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Showing 1 to 20 of 8638 Records

  • 2018 (7) TMI 1232

    Winding up petition - Held that - On the contrary, it categorically states that where the issue relates to right in rem the same are not arbitrable. Hence, there is no merit in the said plea of the respondent regarding the existence of an arbitration clause as it cannot oust the jurisdiction of this court to adjudicate the winding up petition. - The next plea of the respondent is that the laws of Sweden applies and it is possible that the claim m....... + More

  • 2018 (7) TMI 1231

    Winding up petition - Held that - It is quite clear from the perusal of the so called acknowledgement that respondent was acknowledging the amount of ₹ 66,24,136/- stating that the said pending amount would be adjusted only against future purchases. - To the same effects are some of the emails which were sent later in time which show the stand of the respondent company that they would adjust the payment against future orders that may be rec....... + More

  • 2018 (7) TMI 1022

    Disqualifying the petitioner as Directors in the Companies - Held that - Drawing our attention to the mandatory requirement under Section 248(1), upon the Registrar of Companies to send a notice to the company and all directors of the company, it has been contended by the petitioners that such notice had to be issued and served in the manner prescribed by law i.e. in compliance with Rule 3(2) of the Companies (Removal of Names of Companies from t....... + More

  • 2018 (7) TMI 871

    Approval of a Scheme of Compromise and Arrangement between the applicant and a class of its creditors - Held that - There are serious doubts about the manner in which the ex-directors have conducted their business. There are grave allegations about the ex-directors having sold immovable properties and received proceeds in their own accounts. They have also failed to hand over possession of all the flats/properties, vehicles, plant & machinery....... + More

  • 2018 (7) TMI 870

    Arbitration proceedings - Held that - In fact in the present case, it is Mrs.Sonia Khosla who has moved the petition before CLB ignoring the arbitration agreement. Interim orders were prayed for and were granted to Mrs.Sonia Khosla. It was Mr.Vikram Bakshi, one of the respondents who filed the application under Section 8 of the Arbitration Act stating that there is an arbitration agreement and the parties should resolve their disputes by the arbi....... + More

  • 2018 (7) TMI 632

    Disqualification of directors - Held that - As the petitioners had ceased to be the Directors of the Company, as stated by them, on 8th April, 2011 and that they could not have been penalized for the failure of the company to effect statutory compliances. - The respondents shall forthwith take steps for removal of the petitioners name from the list of disqualified directors and to alienate their DIN. The orders to this effect would be posted on t....... + More

  • 2018 (7) TMI 631

    Disqualification as director - Held that - The petitioner has resigned from the directorship of the company in question, the petitioner would not incur a disqualification under Section 164 of the Companies Act. Consequently, the disqualification of the petitioner as notified in the lists dated 6th September, 2017 and 12th September, 2017 by the respondent no.1 was incorrect and illegal. - In view of the above, the disqualification of the petition....... + More

  • 2018 (7) TMI 461

    Petition for winding up - Circumstances in which company may be wound up by Tribunal - Held that - The provisions of Section 433(b), (c), (d) and (g) of the Act of 1956 would be attracted in this case and thus, it would be just and proper that the Company is wound up. The fact that the Company has not commenced and has failed to hold the statutory meetings and to deliver statutory reports, is explicit from the record, including the letter dated 1....... + More

  • 2018 (6) TMI 1264

    Winding up of the company - bonafide defence to the claim of the petitioner - Held that - Supreme Court, in the case of Madhusudan Gordhandas and Co.-vs.-Madhu Wollen Industries Pvt. Ltd. 1971 (10) TMI 49 - SUPREME COURT OF INDIA , held that the Court can refuse a petition for winding up of the company when the claim of the petitioner is bona fide disputed by the company. In other words, in the first place when the defence of the company is in go....... + More

  • 2018 (6) TMI 1167

    Overriding of Insolvency and Bankruptcy Code, 2016 - whether the present proceedings can continue or whether the NCLT order appointing the IRP could be allowed to act in terms of IBC, 2016 while the present proceedings in relation to the Company are pending before this Court? - Held that - This Court finds that the Company Petition has been registered on the basis of the recommendations made by the BIFR under Section 20. Thus, the avenues for try....... + More

  • 2018 (6) TMI 647

    Winding up of company - according to the petitioner, the allegation made by the company that the said memorandum of settlement is vitiated by any fraud or coercion or undue influence or that the said memorandum of understanding is not binding upon the company or that the latter paid ₹ 8.5 lakhs to the petitioner independent of the said memorandum of settlement or that after payment of ₹ 8.5 lakhs the company owes no money to the petit....... + More

  • 2018 (6) TMI 25

    Winding up recalled - compromise or arrangement with creditors and members - Held that - Section 391 of the Act deals with the power to compromise or make arrangement with creditors and members. This provision on its cursory reading by itself would reveal that it can have no application to the facts of this case where apparently even despite the publication of notice there are no other creditors apart from EDC and the State Bank of India and the ....... + More

  • 2018 (5) TMI 621

    Winding up petition - outstanding eligible debt - Held that - The settled legal position is that the debts claimed should be payable by the respondent company. It is only where the respondent company raises a bona fide dispute then no winding up petition would lie. - As noted the respondent company has failed to show any bona fide dispute. Accordingly, admit the present petition and the Official Liquidator attached to this Court is appointed as t....... + More

  • 2018 (5) TMI 576

    Breach of contract - jurisdiction of court - alternative remedy of statutory appeal - petitioner-Company has availed credit facilities from Bank Consortium headed by respondent no.4, i.e., State Bank of India but failed to make payment as per the financial discipline laid-down between the parties and there were efforts for restructuring of the petitioner-Company s loan account - Held that - The petitioners cannot be heard to say that writ jurisdi....... + More

  • 2018 (5) TMI 575

    Winding up proceeding - Outstanding eligible debts - Held that - The admission that the goods were supplied, the tendering of the post dated cheques and the balance confirmation persuade me to come to a conclusion that the defence sought to be raised by the respondent is a sham and moonshine. The respondent are unable to pay their debts. - The settled legal position is that the debts claimed should be payable by the respondent company. It is only....... + More

  • 2018 (5) TMI 574

    Winding up petition filed during pendency of arbitration proceedings - Settlement Agreement entered - revival of winding up petition - case of the petitioner is that despite order dated 29.5.2017 passed by this court, the respondent has not abided by the settlement agreement and handed over the Trina Receipts - Held that - As in terms of the Settlement Agreement the petitioner had undertaken to make the payment of the settlement amount of USD 30........ + More

  • 2018 (5) TMI 331

    Disqualification as Director u/s 164(2)(a) of the Companies Act, 2013 - entitlement to avail the CODS-2018 Scheme enabling such defaulters to seek removal of the disqualification - Held that - So far as the deposits under the CODS- 2018 Scheme are concerned, the same have to be made by and on behalf of the Company concerned. As such, the payment or deposit by any one director shall be treated to have been made for and on behalf of the company. Ot....... + More

  • 2018 (4) TMI 1413

    Scope of Practice of the Profession of Architecture - Restrict registration applications from any company or Limited Liability Partnership (hereinafter referred to as LLP ) which states that it provides architectural services as of one of its objectives in its memorandum of association - whether the practice of the profession of architecture is the exclusive privilege of natural persons registered under the Act? - Held that - Inevitable conclusio....... + More

  • 2018 (4) TMI 1249

    Winding up petition - unable to pay the debt - limitation period - Held that - We cannot dismiss the stand taken by the company that petitioner has not even made out a prima facie case that there is a debt. - So far as the issue of limitation is concerned, in the reminder letter dated 4th February 2015, copy whereof is at Exh. D to the petition, it is stated that petitioner had raised Thirty bills between 31st January 2011 to 29th September 2012 ....... + More

  • 2018 (4) TMI 1111

    Contravention of Scheme sanctioned by BIFR - application to NCLT for appropriate orders - Held that - Since the company has contravened the Scheme sanctioned by BIFR, petitioner has to make an application to the NCLT for liquidation order of the company. - The records and proceedings in this matter be transferred to NCLT, Mumbai and petitioner will be at liberty to take out an appropriate application to NCLT for appropriate orders as required und....... + More

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