Winding-up petition admitted due to non-payment of dues totaling Rs. 12,80,04,500; directive issued for composite advertisement. The winding-up petition filed by the petitioner against the respondent company for non-payment of dues under the Facility Agreement was admitted. The ...
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Winding-up petition admitted due to non-payment of dues totaling Rs. 12,80,04,500; directive issued for composite advertisement.
The winding-up petition filed by the petitioner against the respondent company for non-payment of dues under the Facility Agreement was admitted. The respondent failed to pay the dues amounting to Rs. 12,80,04,500, with cheques issued by the respondent being dishonored. The respondent's contention regarding the statutory notice was deemed insufficient, and the petition was set to be heard along with other connected matters. A directive for a composite advertisement in the connected company petitions was issued to streamline the process and disseminate relevant information effectively.
Issues involved: Winding up petition filed by petitioner against respondent company for non-payment of dues under Facility Agreement, disputed debt, issuance of composite advertisement in connected company petitions.
Winding up Petition: The petitioner sought winding up of the respondent company, M/s. Amar Remedies Limited, claiming dues amounting to Rs. 12,80,04,500 under the Facility Agreement dated 25 January 2010, which the respondent failed to pay. The petitioner highlighted that cheques issued by the respondent were dishonoured.
Disputed Debt: The respondent company contended in its reply that the statutory notice was not sent. However, the petitioner's counsel argued that the notice was sent to both the registered address of the company and the addresses mentioned in the correspondence. It was noted that the reply provided by the respondent did not offer substantial reasons for disputing the debt. Additionally, company petition no.517 of 2012 and other related matters had been admitted against the respondent company, and an advertisement had been directed to be issued.
Composite Advertisement in Connected Company Petitions: In the connected company petitions, it was directed that a composite advertisement be issued. The advertisement in the present petition was also to be included as part of the composite advertisement directed to be issued in company petition no.517 of 2012 and other connected matters. The petitioner was instructed to take necessary steps in this regard.
The company petition was admitted and set to be heard along with other connected matters on 13 September 2013. The directive for a composite advertisement in the connected company petitions aimed to streamline the process and ensure all relevant information was appropriately disseminated.
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