Delhi High Court
Images Consumer Media Pvt. Ltd. vs Spa Luxuary Lifestyle Ltd on 4 October, 2018
$~CP-13
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of decision: 04.10.2018
+ CO.PET. 439/2016
IMAGES CONSUMER MEDIA PVT. LTD. ..... Petitioner
Through Mr.Kanti Mohan Rustagi, Mr.Shubho
Jana and Mr.Arpit Arora, Advs.
versus
SPA LUXUARY LIFESTYLE LTD ..... Respondent
Through Mohd. Kamran and Mr.Saurabh
Chaturvedi, Advs.
CORAM:
HON'BLE MR. JUSTICE JAYANT NATH
JAYANT NATH, J. (ORAL)
1. This petition is filed under Sections 433(e), (f), 434(1)(a) and 439 of
the Companies Act, 1956 (hereinafter referred to as the 'Act') seeking
winding up of the respondent Company.
2. It is the case of the petitioner that the parties entered into an
arrangement whereby the petitioner had to publish advertisements of the
products of the respondents company in its publication named "Livingetc"
commencing from February, 2010 till March, 2011. It is stated that the
petitioner published full page colour ads of the products of the respondent
company in the monthly issues of Livingetc and corresponding to each such
Co.Pet.439/2016 Page 1
month sent a bill to the respondent for payment. A total amount of
Rs.75000/- was paid by the respondent. However, a sum of Rs.2,50,000/-
remained to be unpaid. Reliance is placed on various emails exchanged
between the parties including emails dated 14.06.2011, 05.01.2012,
07.03.2012 and 14.08.2014 and the necessary records of TDS deduction
which shows that amount of Rs.2,75,000/- remains payable out of which an
amount of Rs.25000/- has been paid. Hence, amount of Rs.2,50,000/-
remains payable for the period in question.
3. I have heard the learned counsel for the parties.
4. The learned counsel for the respondent submits that main defence
taken by them is the plea of limitation. He submits that the invoices in
question are for the period w.e.f. 2010- 2011 whereas the present winding up
petition has been filed in May, 2016. He submits that the claims are totally
barred by limitation.
5. The petitioner has filed one more winding up petition, namely,
Co.Pet. No.418/2016 against one of the sister concern of the respondent
company, namely, Horse Shoe Retail Holding Pvt. Ltd. The facts of that
case and this case are virtually identical and same defence has been raised
by the respondent regarding the limitation.
6. This court has today admitted the said petition holding that the
defence of the respondent is not bonafide. For the same reasons, the present
petition is also admitted.
7. Consequently, the petition is admitted and the Official Liquidator
attached to this Court is appointed as the Provisional Liquidator. He is
directed to take over all the assets, books of accounts and records of the
respondent-company forthwith. The citations be published in the Delhi
Co.Pet.439/2016 Page 2
editions of the newspapers 'Statesman' (English) and 'Veer Arjun' (Hindi),
as well as in the Delhi Gazette, at least 14 days prior to the next date of
hearing. The cost of publication is to be borne by the petitioner who shall
deposit a sum Rs.75,000/- with the Official Liquidator within 2 weeks,
subject to any further amounts that may be 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.
8. In the interest of justice, I suspend the present order appointing the
OL as the Provisional Liquidator for a period of four weeks to enable the
respondents to pay its debts to the petitioner. In case, necessary payments of
Rs.2,50,000/- is made, the above order appointing the OL as the provisional
liquidator shall stand recalled.
9. List on 28.11.2018.
JAYANT NATH, J.
OCTOBER 04, 2018/v
Co.Pet.439/2016 Page 3
