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2016 (5) TMI 732 - MADRAS HIGH COURT

2016 (5) TMI 732 - MADRAS HIGH COURT - TMI - Winding up - cheques dishonored - Held that:- Merely because certain cheques issued by the respondent have been dishonoured for want of funds, that does not mean, that the respondent company has to be wound up. Perusal of the balance sheet does not indicate that the company deserves to be wound up for non-payment of lesser amount of ₹ 2,11,799/- allegedly due, from 27.05.2013 nor the respondent could be termed as commercially insolvent warrantin .....

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leading to the filing of the Company Petition are that the respondent has approached M/s.INEGA Model Management Private Limited, Mumbai / petitioner, for arranging various models for shooting, for the respondent's magazine, 'Wedding Wows' on five different dates. Petitioner raised invoices as hereunder:- Date of Shooting Date of Invoice Invoice Number Amount (In Rs.) 31st October, 2012 31st October, 2012 immpl/mum/2487 67416 2nd October, 2012 25th December, 2012 immpl/mum/2583 56180 .....

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spondent. Details are as follows: Date of Instrument Instrument No. Amount (in Rs.) 22nd August, 2013 000016, HDFC Bank 67416 11th September, 2013 000017, HDFC Bank 56180 5. According to M/s.INEGA Model Management Private Limited, Mumbai, out of the total amount of ₹ 2,86,518/- as on 27.05.2013, the petitioner has received only ₹ 1,23,596/-. A sum of ₹ 1,62,922/- was due. Adding interest to the amount payable, a statutory notice dated 25.10.2014 was issued in terms of Sections .....

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f the petition. Along with the petition, balance sheet of the respondent company has been filed. 7. Merely because certain cheques issued by the respondent have been dishonoured for want of funds, that does not mean, that the respondent company has to be wound up. Perusal of the balance sheet does not indicate that the company deserves to be wound up for non-payment of lesser amount of ₹ 2,11,799/- allegedly due, from 27.05.2013 nor the respondent could be termed as commercially insolvent .....

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at a future date. The inability referred to in the Section is unable to pay its dues". In Section 433 (e), it should be taken in the Commercial sense and that, it is unable to meet current demands. It is "plainly and commercially insolvent that is to say, that its assets are such, and its existing liabilities are such, as to make it reasonably certain as to make the Court feel satisfied that the existing and probable assets would be insufficient to meet the existing liabilities". .....

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ay a bona fide disputed debt. Of late, we have seen several instances, where the jurisdiction of the Company Court is being abused by filing winding up petitions to pressurize the companies to pay the debts which are substantially disputed and the Courts are very casual in issuing notices and ordering publication in the newspapers which may attract adverse publicity. Remember, an action may lie in appropriate Court in respect of the injury to reputation caused by maliciously and unreasonably com .....

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