2014 (5) TMI 1008

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....are gold ornaments at the rate of Rs. 70/- per gram. It is further the case of the petitioner that as per the said agreement, the petitioner delivered 751 grams and 650 milligram for making ornaments as per design given by the petitioner on 29.7.2010. It is further the case of the petitioner that respondent Company agreed to return the ornaments as per the requirement of the petitioner as per the schedule i.e. Rs.70/- per gram. Relying upon the receipt given by the respondent Company (Annexure-A) dated 29.7.2010 it is contended by the petitioner that it is an admitted position that the gold as mentioned in the said receipt was received by the respondent Company and that the said amount of gold supplied by the petitioner was duly accepted by....

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.... 433 and 434 of the Act on 14.3.2011 which has been acknowledged by the respondent Company through his Director by its letter dated 14.10.2011. It is indicated in the said reply that the respondent Company is facing same financial crisis and therefore they were not in a position to pay in near future. On the basis of this factual matrix the present petition is filed. In response to the notice issued by this Court the respondent has filed its reply and denied the contentions raised by the petitioner. It is specifically averred in the affidavit that HDFC has issued notice u/s. 13(2) of the SARFAESI Act dated 30.1.2012. It is further averred in the Affidavit-in-Reply that even though the petitioner has right to claim his money and/or gold back....

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.... the respondent. 6. Ms. Shah for the petitioner has reiterated the contentions raised in the petition and submitted that the respondent Company is not a going concern and has lost its financial sub-stratum. Ms. Shah further submitted that the gold was given as per Annexure-A is an admitted fact and even before this Court the respondent Company has admitted that it is not in a position to repay or refund the gold. It was therefore submitted that thus the respondent Company has become commercially insolvent and therefore the appropriate order for winding up be passed. 7. Per contra Mr. Patel for the respondent reiterated the contentions raised in the Affidavit-in-Reply. Mr. Patel candidly submitted that the respondent Company is not a g....