TMI Blog2001 (9) TMI 1054X X X X Extracts X X X X X X X X Extracts X X X X ..... oner to the tune of Rs. 36,90,609.30 inclusive of interest on the principal amount of Rs. 21,51,650. From the averments in the petition it appears that the petitioner-bank had disbursed to the company, the following credit facilities : ( a )Demand loan of Rs. 10 lakhs on June 16, 1997. ( b )Temporary overdraft of Rs. 5 lakhs in June, 1997/July, 1997. ( c )Cheque purchase facility of Rs. 7 lakhs on June 13, 1997. It is further averred that the aforesaid loan facilities were disbursed to the company for a temporary period and the same were repayable with interest at the rate of 19 per cent. p.a. with quarterly rests, on demand. It is further alleged by the petitioner-bank that the company was grossly irregular and no repayment was m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heard learned counsel for the parties. Shri Shah learned counsel for the petitioner has pointed out from the pleadings how the entire claim of the bank is an admitted, ascertained and liquidated amount based on the documents executed between the parties. He further pointed that there is no denial or dispute of the debt payable by the company to the bank. It was further pointed out from the letters written by the company to the bank that the company had acknowledged and admitted the amount of the debt. It is further pointed out that the company had sought waiver of interest and that they were ready and willing to pay the principal amount. Shri Shah further submitted that at no point of time had the company paid any amount as per the negotia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which according to the learned advocate is not maintainable. Shri R. C. Shah submits that section 91 bars all other proceedings under any law which are contemplated under sec tion 91 of the Maharashtra Co-operative Societies Act. ( b )The petitioner-bank having filed a recovery suit, under section 101 of the Maharashtra Co-operative Societies Act, the company petition for winding up amounts to a pressurising tactics and therefore, it should not be enter tained. ( c )There was no agreement between the parties to pay interest and the bank is claiming interest on the loan amounts. ( d )The petitioner-bank had agreed to disburse a loan of Rs. 55 lakhs but had disbursed only Rs. 22 lakhs whereby the company has suffered financial difficul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said debt for which it has already instituted an independent proceeding tinder section 101 of the Maharashtra Co-operative Societies Act. Merely because the averments and background is stated in respect of the disbursement of loan and failure on the part of the company to pay the same it does not mean that the present proceedings are initiated by the bank for recovery of the amount. The jurisdiction of the Companies Act is to order winding up of a company which is unable to pay its debts and the court has to exercise its jurisdiction under just and equitable circumstances. In the present case the defences raised by the company are frivolous and of vexatious nature. I do not find any substance in the dispute raised by the company. It ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany petition can be maintained when there is no bona fide dispute raised by the debtor company and in that case it need not be told to file a civil suit for recovery of its debt. Such debtor companies would obstruct and thwart smooth movements of the wheels of the business and industry to affect the society at large adversely and to slow down the economic progress. If the company raises any bona fide dispute in reply to the statutory notice under section 434 and if the company court is prima facie satisfied that the dispute cannot be resolved without a deeper investigation in a regular trial, the other remedy contemplated under section 443(2) of the Companies Act, could be said to be an appropriate remedy for recovery of such uncertain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the interest of the creditors and public at large to protect and save them from such companies which even go to the extent to contend that while getting loan from the bank they had not agreed to pay interest and that such loans were interest free, and that the banks had agreed to disburse the amount of Rs. 55 lakhs but had not disbursed the balance of Rs. 30 lakhs whereby the petitioner-bank itself is blamed for the financial difficulties of the company. If the company had raised any bona fide dispute about the debt, in that case the contention of the company that the petitioner-bank had availed of the other remedy of recovery of proceedings could be appreciated. In the absence of any bona fide dispute it is not possible for me to accep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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