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TMI Blog2019 (1) TMI 520X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent provided an Inter-Corporate Deposit of Rs. 50 lacs to the Appellant subject to payment of interest at the rate of 18% per annum repayable within a period of 90 days. To secure the interest of the Respondent, the Appellant executed a promissory note for Rs. 50 lacs and also a post dated cheque dated 13th September, 2008 for the aforesaid amount of Rs. 50 lacs. The Appellant also issued a cheque dated 14th June, 2008 for a sum of Rs. 1,76,202/- towards the interest that had accrued on the aforesaid loan. 6. Prior to the date of repayment, the Appellant approached the Respondent and sought extension of time for repayment of the loan amount by two months. A fresh post dated cheque dated 12th November, 2008 for the repayment of the principal amount of Rs. 50 lacs was issued by the Appellant and a cheque dated 11th September, 2008 for Rs. 1,17,468/- was issued towards payment of interest (after deducting TDS). The loan amount was not repaid and the Appellant sought further extension from the Respondent for another two months and issued a fresh cheque dated 11th January, 2009 for an amount of Rs. 50 lacs alongwith the cheque towards the payment of interest. It is noticed that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 days prior to the next date of hearing. 20. Petitioner shall deposit a sum Rs. 75,000/- towards cost of the publication with the Official Liquidator within 2 weeks, subject to any further amounts that maybe called for by the liquidator for this purpose, if required. The Official Liquidator shall also endeavour to prepare a complete inventory of all the assets of the respondent-company when the same are taken over; and the premises in which they are kept shall be sealed by him. At the same time, he may also seek the assistance of a valuer to value all assets to facilitate the process of winding up. It will also be open to the Official Liquidator to seek police help in the discharge of his duties, if he considers it appropriate to do so. The Official Liquidator to take all further steps that may be necessary in this regard to protect the premises and assets of the respondent-company. The OL will also seize all the bank accounts of the respondent. 21. However, in the interest of justice, I suspend the aforesaid order appointing the OL as the PL for a period of four weeks. In case within four weeks from today, the respondent were to pay to the petitioner the outstanding amount pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be maintainable, as a time barred debt cannot be enforced under Section 433 (e) and under Sections 434 and 439 of the Companies Act, 1956. Learned counsel for the Appellant further argued that the statement of accounts is unsigned and is manipulated just to bring the claim within the period of limitation. Since there is no acknowledgment or admission on the part of the Appellant Company, the appeal for winding up was not maintainable. He relied upon the judgment passed by the coordinate Bench of this Court in the case of Interactive Media and Communication Solution Pvt. Ltd v. Go Airlines Ltd. 199 (2013 ) DLT 267 in support of the above noted contention. 16. First and foremost, in the present case, it is significant to note that the Appellant has not denied the receipt of the legal notice issued by the Respondent prior to filing of the winding up petition. The legal notice annexed along with the Company petition is duly supported with the copies of the postal receipts, courier receipts and tracking report of the courier company evidencing the service of the said notice on the Appellant. Concededly, the Appellant did not give any reply to the said legal notice. In case the Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en reproduced in the petition clearly show that a sum of Rs. 50 lakhs was paid by the petitioner to the respondent as ICD. A perusal of the details of the post dated cheques as noted above shows that a sum of Rs. 45 lakhs was paid towards the principal amount to the petitioner leaving a balance of Rs. 5 lakhs. 9. The bone of contention between the -parties is the communication dated 04.03.2013 alleged to have been sent by the respondent to the petitioner. The covering letter is on the letter head of the respondent and the covering letter is also signed by Ms.Shruti Gaur with a stamp of the respondent duly affixed on the same. The ledger accounts including ledger account for the period 01.04.2012 till 31.03.2013 also have the stamp affixed on the statement of accounts and the initials of Ms.Shruti Gaur, showing the balance amount payable to the petitioner as Rs. 7,29,905/-. 10. A perusal of the reply filed by the respondent would show that other than denying having sent this communication or having executed this communication, the respondent have not further bothered to give any further information regarding their books of accounts. In para 17 of the reply, in response to para 17 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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