2003 (3) TMI 536

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....ompany petition filed by the petitioner under section 433(e) of the Companies Act seeking winding-up of the respondent-company - a limited company engaged inter alia in the business of manufacture of tubes. A winding-up is sought essentially on the ground of inability to pay admitted debt amounting to Rs. 3,58,76,265.67 paise. It is the case of petitioner that they supplied in course of their business dealing goods worth Rs.2,42,87,876.67 paise to respondent on various dates against the orders placed by the respondent-company and accordingly invoices were raised on 25-2-1998 to 16-4-1998 by the petitioner on the respondent. It is contended that despite receipt of the goods, and admitting the liability, the respondents did not pay the money ....

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....of the respondent-company a shelter of section 22 of SICA is taken. According to respondent, since the reference under section 15 of SICA is pending before the BIFR being reference case No. 303 of 2002 and hence, the proceedings be either stayed or deferred in these matters. 5. Heard Shri BA Chitale, learned counsel for the petitioner and Shri Vivek Saran for respondent. 6. It is brought to the notice of this court that this Court has already directed the BIFR for disposal of the reference case 303 of 2002 in relation to respondent-company within six months. This direction is given by this court in Writ Petition No. 1945 of 2002 by order dated 20-1-2003. 7. In a situation like the one emerging from the admitted facts mentioned supra, in ....

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....5 of SICA then this Court can always safeguard the interest of creditor and pass appropriate directions. As observed supra, there is neither any prohibition, nor any embargo in granting such indulgence which could be pointed out to me either under Companies Act or SICA. 9. Learned counsel for the petitioner then submitted that if, the reference is eventually dismissed by the BIFR under SICA then in that event, the petitioner's right to prosecute this company petition would be taken away. I do not agree. This Court expressly reserve this right of the petitioner to file winding-up petition against the respondent-company on this very cause of action in the event of such eventuality arising in future inter alia for the reason that the petition....