Petition to wind up Timble Pvt. Ltd. dismissed under Companies Act 1956 The court dismissed the petition for winding up Timble Pvt. Ltd. under section 433(e) of the Companies Act, 1956 due to the petitioner's failure to prove ...
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Petition to wind up Timble Pvt. Ltd. dismissed under Companies Act 1956
The court dismissed the petition for winding up Timble Pvt. Ltd. under section 433(e) of the Companies Act, 1956 due to the petitioner's failure to prove entitlement to charge interest on the disputed amount. The company admitted a balance due of Rs. 73,952.66, which was less than the amount claimed by the petitioner. The court ordered the company to pay the admitted amount by a specified date, leading to the dismissal of the petition and the discharge of the rule.
Issues involved: Matter u/s 433(e) of the Companies Act, 1956 for winding up Timble Pvt. Ltd.
Judgment Summary:
Issue 1: Disputed amount due by the company The petitioner claimed Rs. 3,86,677.93 due from the company, disputed by the company's contention of Rs. 75,574.46 as the principal amount. The petitioner failed to prove entitlement to charge interest despite mentioning a 10 per cent interest agreement in a letter. The company admitted a balance due of Rs. 73,952.66 as per their books, leading to a deficiency in the petition. The absence of particulars, including commercial insolvency averment, led to the order directing the company to pay Rs. 73,952.66 by a specified date, dismissing the petition and discharging the rule.
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