2015 (6) TMI 902

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....d. CO.APP. 21/2015 & CM No.10568/2015 3. Issue notice. Mr. Jatin Mongia, Advocate accepts notice on behalf of respondent. 4. With the consent of both the parties this appeal is taken up for consideration. The respondent has filed petition under Section 443 of the Companies Act, 1956 being Company Petition No.513/2014 seeking winding up of the appellant in the capacity of an association of apartment owners in the Uniworld Garden Complex. The respondent is an association comprising of 506 members, all of whom are owners of apartments in the Uniworld Garden, a Group Housing complex situated in Gurgaon. The appellant is only a subsidiary of M/s Unitech Ltd. and is responsible for construction of the Uniworld Garden Complex. 5. It ha....

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....and immovable assets. 8. The appellant filed Co. Application No.852/2015 seeking modification of the order and permission to sell off or part with its movable and immovable assets in the ordinary course of its business. By the impugned order dated 27th March, 2015, the learned Single Judge modified the order of injunction permitting the appellant company to do so provided that the entire amount of IBMS (reflected as Rs. 10,12,67,430/-) with interest is deposited with the Registrar General of this Court. Subject to the said deposit being made and only thereafter the petitioner was permitted to sell or alienate its other assets by the impugned order. 9. The appellant has filed the present appeal aggrieved by the direction to deposit the....

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....mpany which reflects that the company had available a large amount of reserve and that it had also extended short term loans of large amounts to its parent company. Mr.Mongia contends that the appellant is flush with funds and deserves to be given no accommodation so far as impugned order dated 27th March, 2015 is concerned. 12. On a consideration of the entirety of the matter as well as the documents filed by the parties which have been placed before us, it was the responsibility of the appellant to place the amounts collected towards (IBMS) from the apartment owners in a separate account. Even before us, the appellant does not dispute receipt of this amount from the apartment owners. 13. A reading of the affidavit filed by the appel....