9911796707
TMI Blog2012 (6) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... sthan and as per its memorandum & Article of Association of the Company, main objects to be pursued on its incorporation inter alia are to entertain and inform the people of Rajasthan State and rest of India through television broadcasting of authentic local culture & exhaustive, upto date news and current affairs; and to carry on business to establish, run, produce, promote, purchase, construct, manage TV-channels, cinematography theatres, for hiring out or exhibiting cinema films or for staging drama, dances, musical & other advantageous programmes from time to time. It has been averred that respondent-Co. approached petitioner-Co. to provide internet & telecommunication & services, and uplinking services to broadcasters of television ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s against post-dated cheques referred to in schedule of payment (Ann.A). 4. As alleged, when efforts made by petitioner-Co. having failed & continuously frustrated by respondent-Co. with a sole object to avoid payment to its creditors, statutory notice was sent on 29/06/2010 U/Ss 433 & 434, of Co. Act by registered post (Ann.10), asking them to make payment of outstanding dues of Rs. 55,18,896/- along with interest payable w.e.f. 15/03/2010 till actual payment, but despite legal notice served, neither any reply thereto was sent by respondent Co. nor payment of outstanding dues was made. Hence instant company petition. 5. Notices were issued by the Court vide order dt.23/09/2010, pursuant to which, reply has been filed by respondent-Co., w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner-Co., submits that respondent-Co. never came forward for amicable settlement, pursuant to contention made on last date (04/08/2011). Despite the Court having granted time vide order dt.04/08/2011 to amicably settle the dispute but, it could not be finally resolved and the matter was taken up. 8. From material on record, no documentary evidence has been placed on record along with reply; in regard to the plea of defence taken by respondent-Co for any reconciliation being controverted & disputed by petitioner-Co.; rather despite memorandum of settlement being signed by respondent-Co. on 15/03/2010 having agreed to make payment through post-dated cheques are handed over as per Payment Schedule (Ann.A) appended thereto (Ann.8), the pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exceeding one lakh rupees than due, failed and/or neglected to pay the same within three weeks thereafter or to secure or compound for it to reasonable satisfaction of the creditor; and failure of the company to pay the agreed interest or the statutory interest would come within the purview of the word "debt"; and that section 433(e) of the Co. Act does not state that the debt must be precisely a definite sum and it is not a requirement of law that the entire sum must be definite and certain. 12. In reply to the winding up petition, further objection has been raised by respondent-Co. that there are other remedial measures for settlement of disputed amount., but at the same time, it has been averred that respondent-Co. is always ready to m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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