Delhi High Court
Indian Towers And Developers Ltd. vs Savitri India Ltd. on 7 October, 2004
Equivalent citations: (2005) 4 CompLJ 84 Del, 116 (2005) DLT 116, 2005 (79) DRJ 540, 2006 68 SCL 467 Delhi
Author: A Sikri
Bench: A Sikri
ORDER
A.K. Sikri, J.
1. This petition is filed for winding up of the respondent company under Sections 433(e) and 439 of the Companies Act, 1956 on the ground that the respondent company is indebted and is unable to pay the debts. On 9th March, 2000, facts were noted leading to indebtedness of the respondent and prima facie it was found that the respondent was unable to pay the debts. This petition was accordingly admitted for hearing and it was also directed that citations be published in Statesman (English) and Jansatta (Hindi) as well as Delhi Gazette. These citations were duly published. Thereafter the matter came up for hearing on 1st March, 2001 and after taking note of the aforesaid facts it was also noted that on 8th September, 2000, Counsel for the respondent had submitted that parties were negotiating for settlement. The case was accordingly adjourned to 29th September, 2000 subject to the condition that the respondent pays a sum of Rs. 6,03,240/- on or before 29th September, 2000. When the matter came up for hearing on 29th September, 2000, two demand drafts in the sum of Rs. 6,03,240/- were handed over by the respondent to the petitioner and it was also stated by Counsel for the parties that the settlement was arrived at between the parties. As per this settlement the respondent had agreed to pay a total sum of Rs. 45,06,240/- out of which a sum of Rs. 6,03,240/- was paid as mentioned above. It was further agreed that remaining amount shall be paid in 7 Installments at the end of every four months, starting form 1st October, 2000. First six Installments were to be of Rs. 6 lacs each and 7th Installment of Rs. 3,03,000/-. The respondent was asked to file an affidavit containing these terms of settlement and also give an undertaking to the Court that the respondent shall abide by the settlement. However, this affidavit was not filed inspite of taking adjournments and the payments agreed to were also not paid. In these circumstances, vide order dated 1st March, 2001, the Official Liquidator attached to this Court was appointed as the Provisional Liquidator. However, this order was kept in abeyance giving another opportunity to the respondent to pay the amount within a week from the date of the said order with the direction if the aforesaid amount is not paid the order appointing the Provisional Liquidator will come into effect. Since the amount was not paid, the Provisional Liquidator sprung into action and acted in accordance with the directions contained in the order dated 1st March, 2001.
2. There is no opposition to the petition from any quarter. Nobody has appeared on behalf of the respondent company and/or its ex-Directors opposing the prayer for winding up. In view of the aforesaid facts, I am satisfied that the respondent company is indebted to the appellant and is unable to pay the debts. It would, therefore, be just and equitable to wound up the respondent company. It is ordered accordingly. In the facts of the case, it is not necessary to issue further citations. The Official Liquidator shall now act as the Liquidator. Intimation in this behalf be sent to the Registrar of Companies.
The petition is disposed of.
CA No. 541/2001:
At request made by the Counsel for the applicant, adjourned to 4th November, 2004.
