2014 (5) TMI 974

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....r. JUDGMENT Vibhu Bakhru, J (Oral) 1. This is a petition filed under Section 433 (e) of the Companies Act, 1956, whereby the petitioner has alleged that the respondent is unable to pay its debts. 2. The petitioner has contended that the petitioner had supplied goods to the respondent between period June, 2007 to October, 2008 (both months inclusive) and had raised invoices for the same....

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....im of the petitioner. The principal ground raised by the respondent is that the debt as claimed by the petitioner is ex-facie barred by limitation. During the course of proceedings, the respondent was directed to file a breakup of the amount of sundry creditors reflected in the balance sheet for the year ending 31.03.2012. Although, the respondent did not file the statement indicating the said bre....

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....bt which is not enforceable cannot be considered as an amount which is due and payable by the respondent. This Court in the case of Gautam Electricals Co. Pvt. Ltd. v. Seth & Sons Pvt. Ltd.: 29 (1986) DLT 102 has examined the question and has held as under:- "(4) But can a creditor seek a winding up order on the basis of the company's deemed inability to pay the debt which is barred by time....

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....ral Manager Group Legal & Company Secretary" on behalf of Ashok Piramal Management Operation Ltd. The said letter is also on the letterhead: "Ashok Piramal Group". In my view the said letter cannot be accepted as an acknowledgement by the respondent company for the reasons that, neither the letter purports to be on behalf of the respondent company nor is it signed by an authorized signatory of the....