Winding Up Petition Granted, Official Liquidator Appointed for Company Assets

The petition seeking winding up of the respondent Company under Sections 433(e) and 434(f) of the Companies Act, 1956 was admitted by the court. The Official Liquidator was appointed as the Provisional Liquidator, tasked with taking over assets, books of accounts, and records of the respondent-company. Citations were to be published, and the petitioner was required to deposit funds for publication costs. The Official Liquidator was directed to inventory assets, seal premises, value assets, and seize bank accounts. The appointment was suspended for four weeks, subject to revocation upon payment of the outstanding amount by the respondents.

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Issues:
Petition filed under Sections 433(e) and 434(f) of the Companies Act, 1956 seeking winding up of respondent Company.

Analysis:
The petitioner provided an Inter-Corporate Deposit of Rs. 75 lakhs to the respondents with interest and repayment terms. Despite multiple extensions requested by the respondents, a significant balance remained unpaid. The petitioner sent a legal notice in 2015, but the respondents did not respond or pay the dues, leading to the filing of the petition. The respondents denied sending any balance confirmation and claimed the petitioner's claim was barred by limitation, citing a relevant court judgment.

Analysis:
The court considered a similar case with virtually identical facts and issues, where the petition was admitted. In the present case, the petition was also admitted, and the Official Liquidator was appointed as the Provisional Liquidator. The Official Liquidator was directed to take over all assets, books of accounts, and records of the respondent-company. Citations were to be published in newspapers and the Delhi Gazette. The petitioner was required to deposit a sum towards publication costs with the Official Liquidator. The Official Liquidator was instructed to prepare an inventory of assets, seal the premises, value assets, and seize bank accounts. The court suspended the order appointing the Official Liquidator as the Provisional Liquidator for four weeks, revocable if the outstanding amount was paid within that period.

This detailed analysis covers the issues involved in the legal judgment comprehensively, outlining the key events, arguments, court decisions, and directives provided in the judgment.

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