TaxTMI 
TaxTMI 
2016 (3) TMI 335
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.... the Liquidator of the entire assets, properties, affairs and records of the respondent-Company, with all available powers under the Companies Act. 2. It is the case of the petitioner that the respondent-Company has been incorporated under the provisions of the Companies Act and its registered office is situated at 400, Platinum Plaza, Judges Bungalow Road, Ahmedabad, Gujarat380054. The respondent-Company is a Public Limited Company engaged in the business of manufacturing cement and allied products. It has changed its name to "Star Cements and Infra Limited" vide Fresh Certificate of Incorporation dated 16.01.2008, issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli. On 27.03.2008, the Company again changed its name to....
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....y, at its registered office at Ahmedabad. During this meeting, it was decided that the claim of the petitioner would be settled on, or before, 28.02.2010. A copy of the Minutes of the Meeting held on 06.02.2010 is annexed at AnnexureG to the petition. However, the respondent-Company did not make any payment pursuant to the decision arrived at the said meeting. Thereafter, the petitioner frequently demanded the settlement of the total outstanding dues, by various written communications, telephone calls and emails. However, the respondent-Company has failed to make any payment. 5. It is further the case of the petitioner that in partpayment of the dues, the respondent-Company has issued ten Cheques of rupees ten lakh each, drawn on Union B....
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....ompany has not denied its liability but, on the contrary, has stated that within a short span of two to three months, it would restart its operation and clear the dues of the contractors and suppliers, after confirming their final balances. The respondent-Company has requested the petitioner to submit the final bill, along with complete material reconciliation under the work order, to complete the accounting work. In the Minutes of the Meeting held between the petitioner and the respondent-Company on 06.02.2010, it has been specifically recorded that it has been decided that the outstanding dues of the sundry debtors would be settled by the respondent-Company on, or before, 20.02.2010. 8. Learned counsel for the petitioner has relied upo....
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....ate Amount 1 866159 10/04/15 25,00,000/- 2 866160 16/04/15 50,00,000/- 3 866161 22/04/15 50,00,000/- 4 866162 30/04/15 50,00,000/- 5 866163 10/05/15 50,00,000/- 6 866164 16/05/15 50,00,000/- 7 866165 23/05/15 50,00,000/- 8 866166 31/05/15 23,55,560=57 Total: 3,48,55,560=57 14. It is specifically stated by the respondent in the Undertaking that "the Respondent further undertakes that the aforesaid cheques would be cleared on being presented with the bank" (emphasis supplied). 15. It is an admitted fact that all the above Cheques have been dishonoured by the Bank. The respondent-Company has, therefore....
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....properties or assets in any manner whatsoever. 12. At this stage, learned advocate for the respondent-Company Mr. Trivedi once again requested that this Court may give last chance to the respondent-Company to settle the matter with the petitioner and, therefore, at this stage, order of advertisement may not be passed and the same may be deferred for a period of eight weeks. The request is accepted. The publication of advertisement is deferred for a period of eight weeks. S.O. to 4.9.2015." 17. As is clear form the above order, once again, the order of publication of the advertisement was deferred by this Court, at the behest of the respondent. The opportunity granted to the respondent-Company by the Court was not availed of and ....
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....o the petitioner pursuant to the said Undertaking have been dishonoured despite a specific statement that all the Cheques would be honoured. The entire sequence of events, as disclosed hereinabove, does not inspire sufficient confidence in the Court so as to show more leniency to the respondent-Company by granting time. 21. From the material on record, including the affidavit-in-reply filed by the respondent-Company and the consistent failure of the respondent-Company to make good the admitted dues of the petitioner, it is amply evident that the respondent-Company has lost its financial substratum and is unable to pay its debts. 22. Insofar as the judgment of the Supreme Court in M/s. Vijay Industries v. M/s. NATL Technologies Ltd. (s....