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High Court Admits Company Petition for Winding Up - Decree from Debt Recovery Tribunal The High Court admitted the Company Petition seeking winding up of Jai Hind Finance (India) Ltd. based on a decree from the Debt Recovery Tribunal-II. The ...
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High Court Admits Company Petition for Winding Up - Decree from Debt Recovery Tribunal
The High Court admitted the Company Petition seeking winding up of Jai Hind Finance (India) Ltd. based on a decree from the Debt Recovery Tribunal-II. The petitioner was directed to advertise the petition and deposit a specified amount for publication charges within three weeks, with non-compliance leading to dismissal for non-prosecution. The case was adjourned for further proceedings as per the Court's instructions.
Issues involved: Petition seeking winding up of a company under Sections 433(e), 434 read with 439 of the Companies Act, 1956 based on a decree from the Debt Recovery Tribunal-II, Mumbai Bench.
Analysis: 1. Petition for Winding Up: The petitioner filed a petition seeking the winding up of the respondent-Company, Jai Hind Finance (India) Ltd., under Sections 433(e), 434 read with 439 of the Companies Act, 1956. The basis of this petition was a decree passed by the Debt Recovery Tribunal-II, Mumbai Bench in O.A. No. 172 of 2013 dated 16th January 2015. The record indicates that the decree remains unsatisfied till date, suggesting the respondent-Company's inability to pay its debts, leading to a finding of commercial insolvency.
2. Court Order: The High Court admitted the Company Petition and made it returnable on 13th September 2017. The petitioner was directed to advertise the petition in two local newspapers, namely 'Free Press Journal' in English, 'Nav Shakti' in Marathi, and in the Maharashtra Government Gazette. Any delay in the publication of the advertisement in the Gazette was deemed acceptable, provided it did not invalidate the notice. The petitioner was also instructed to deposit Rs. 10,000 with the Prothonotary and Senior Master of the Court for publication charges within three weeks, failing which the Petition would be dismissed for non-prosecution without further reference to the Court. Additionally, a notice under Rule 28 of the Companies (Court) Rules, 1959 was to be issued.
3. Next Steps: The matter was adjourned to 13th September 2017 for further proceedings as per the Court's directions.
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