9911796707
TMI Blog2014 (1) TMI 1965X X X X Extracts X X X X X X X X Extracts X X X X ..... ad, Andhra Pradesh. 3. The respondent is said to have been incorporated in the year 1985 under the Companies Act, 1956 (hereinafter referred to as 'the Act', for brevity), having its registered office at Bidar in the State of Karnataka and a Corporate office at West Marredpally, Secunderabad, Andhra Pradesh. The respondent was initially incorporated as 'Jupiter Orga Private Limited' and subsequently it was made a public limited company as per the certificate of incorporation dated 24.05.1994. The name of the company was subsequently changed as per the certificate of incorporation dated 22.11.2000, as 'Jupiter Bioscience Limited'. The authorised share capital of the respondent is Rs. 30 crore divided into 300 lakhs equity shares of Rs. 10/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present petition is filed holding that the respondent is unable to pay its debts and is liable to be wound up in terms of Section 433(e) of the Companies Act. 4. The respondent has entered appearance through counsel and has filed Statement of objections. The respondent contends that the main ground on which the petitioner proceeds is that, the cash flow was insufficient to meet its annual debt repayment obligation and therefore, had become insolvent. It is contended that this is incorrect and it has the capacity to repay the entire loan amount with interest and that it would do so at the first opportunity in regularizing the account and clear the entire loan and the seeming default is explained by contending that the amount of Rs. 25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not be characterized as being insolvency on the part of the respondent. The delay if any in the repayment, is not intentional, but on account of bona fide reasons. Therefore, the entire loan amount being recalled, is not justified and it cannot therefore be said that the respondent is incapable of repaying the debt and that it ought to be wound up. The said statement of objections is dated 29.07.2011. During the pendency of this petition, it is not shown that the respondent has made any further attempt or effort to make any further payment. Therefore, the statement of objections though appear to be persuasive, is not justified by the conduct of the respondent during the pendency of this petition. By that very fact, it would emanate that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
