TMI Blog2004 (6) TMI 336X X X X Extracts X X X X X X X X Extracts X X X X ..... s. The parties have entered into a memorandum of understanding on February 13, 2001 to the effect that the petitioners would supply software device to the company and the company in turn will pay a sum of Rs. 25 lakhs in cash and Rs. 25 lakhs by way of allotment of shares in the company above named. According to the petitioner a sum of Rs. 2.74 lakhs was paid in a phased manner leaving a balance s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Mr. A Mitra, learned advocate appearing for the petitioner submits that the company - in accordance with the memorandum of understanding was obliged to make payment of the balance sum of Rs. 22.26 lakhs which they defaulted. Hence, the petitioners are entitled to have an order of admission. Although the petitioning creditors made a claim on account of share value being Rs. 25 lakhs, Mr. Mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid software did not fetch any further amount from the market because of the indifferent attitude taken by the petitioners, it was not possible for the company to make payment of the balance sum. According to him, the said software is of no use as of date and the petitioners are free to take it back after reimbursing the loss and damage suffered by the company. 4. Software device is a highly p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... position to make payment of the aforesaid sum, no fruitful purpose would be served by keeping the existence of this company alive. In my view, the petitioners have been able to establish a prima facie case warranting admission of this winding up petition. 6. The winding up petition is thus admitted. There would be an advertisement once in Bartaman and once in The Statesman . Publication i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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