TaxTMI 
TaxTMI 
2007 (2) TMI 333
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....ility to the respondent-company for Rs. 54,50,000 for a period of 6 years for taking on hire various machineries. That against the said hire purchase facility the respondent-company has signed and executed hire purchase agreements dated 24-10-1997. The representative of the respondent-company also in security of the aforesaid hire purchase facility signed and executed a demand promissory note of Rs. 92,20,092 in favour of the petitioner. It is further submitted that the said company has on 25-10-1997, deposited with the petitioner title deeds of its property to secure due payment against the hire purchase facility granted by the petitioner. It is submitted that the respondent-company has failed and neglected to pay the equated monthly insta....
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....that the respondent-company has lost its financial substratum and therefore it is requested to allow the present company petition and to pass an appropriate order of winding up of the respondent-company. 3. The petition is opposed by the respondent. Shri Sudhir Mehta, learned advocate appearing on behalf of the respondent-company. It is submitted by him that as the civil suit is already filed for recovering the amount from the respondent, it is submitted that once the petitioner has already availed of another remedy this company petition be not entertained. It is further submitted by him that if the petitioner agrees to accept lesser amount and/or to give some concession and also to waive interest in that case the respondent-company will m....
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.... is accepted the respondent-company is ready and willing to make the payment in instalments. Thus, it appears that debt is not disputed. The petitioner is a bank who has advanced finance and the respondent-company has entered into hire purchase agreement. The submission on behalf of the respondent-company is that if some lesser amount is accepted and interest is waived in that case the respondent-company is ready and willing to make payment in instalments. It is afraid this court cannot direct the petitioner to agree to accept a lesser amount and waive the interest amount. Once the hire purchase agreement was executed by the respondent-company and has taken the finance and under the hire purchase agreement the instalments are to be paid, it....
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....s filed, the petitioner is not barred from filing a winding up petition under the provisions of the Companies Act, 1956, if all the conditions of winding up of a company under the provisions of the Companies Act, 1956, are complied with. So far as the decision relied upon in the case of K.C.P. Ltd. (supra) of the Andhra Pradesh High Court is concerned, the same would not be applicable to the facts of the present case, as in the case before the Andhra Pradesh High Court the debt was not admitted and no prima facie proof of inability to pay the debt was on record. 7. In the case on hand, the amount of Rs. 1,51,72,944.96 is due and payable and the same is not disputed except the submission on behalf of the respondent that interest be waived a....