1998 (4) TMI 478

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....es Act, 1956 ('the Act') the petitioner seeks and order of winding up against the respondent-company. According to the learned counsel for the petitioner, an amount of Rs. 8,98,098 was due to the petitioner from the respondent towards the loan advanced to the respondent. Therefore, statutory notice was issued. Though the statutory notice has been duly received by the respondent, there is no reply ....

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....f the agreement between the parties to which the learned counsel for the respondent invited my attention, shows that according to clause 2 of the agreement, the petitioner could have sold the shares which were pledged with the petitioner. However, the petitioner did not adopt that method for recovery of its dues. Instead, the petitioner issued statutory notice to the respondent in September, 1996.....

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....tances, in my opinion, interest of justice would be served by making the following order: The respondent is directed to deposit an amount of Rs. 8.98,098 in this Court within a period of three months from today with due intimation to the petitioner. The petitioner shall deposit in this Court the share pledged by the respondent with the petitioner within two weeks of receipt of intimation about de....