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M/s Jaimurty Minerals & Chemicals Private Limited Versus M/s Lakhani Rubber Udyog (P) Limited

2016 (1) TMI 670 - PUNJAB AND HARYANA HIGH COURT

Winding up petition - failure to pay the admitted liability/debt - Held that:- As the respondent company was not in a position to discharge its admitted liability, vide order dated 21.4.2015, the petition was admitted. The official liquidator was appointed as Provisional Liquidator vide order dated 25.5.2015. He was asked to take over the movable and immovable assets of the company. No purpose would be served in keeping the matter pending and therefore, in view liability being admitted the compa .....

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ivya Sarup, Advocate with Mr. Manjit Singh, Assistant Official Liquidator. Rajesh Bindal, J. 1. The present petition has been filed by the petitioner-Company under Section 433 (e), 434 and 439 of the Companies Act, 1956 for winding up of the respondent-Company on the premise that it has failed to pay the admitted liability/debt amounting to ₹ 2,09,45,292/-. 2. Brief facts of the case are that the petitioner-Company is engaged in manufacturing and supply of various grades of coated and unco .....

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been annexed as Annexure P-3 (Colly). The respondent- Company had even issued statutory Form C for some of the invoices (Annexure P-4 (Colly). However, it has failed to pay the balance amount of ₹ 2,09,45,292/- towards the supply of the aforesaid material. It has also been mentioned that for some of the material supplied, C Forms have not been issued and in this regard a sum of ₹ 11,66,620/- is due and payable by the respondent-Company as tax. Vide letter dated 4.12.2012 (Annexure P- .....

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the admitted debt, which has not been even responded. It was prayed that the respondent-Company be wound up. 4. The respondent filed reply stating therein that the quality of the material supplied by the petitioner- Company was poor and the same could not be used for manufacture of products. The other objection raised is that the case involves complicated question of fact and law and cannot be adjudicated in summary proceedings, therefore it was prayed that the petition deserves to be dismissed .....

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