2016 (3) TMI 1253

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.... Companies Act", for short) has been preferred, with a prayer to wind up the respondent-Company, namely, M/s.Cubit Tech Private Limited and to appoint the Official Liquidator attached to this Court as the Liquidator of the said Company, with necessary powers under the provisions of the Companies Act, to take charge of the assets, affairs, bank accounts, papers, books of accounts etc. of the respon....

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....t till September, 2014, there was no problem in the distributorship. However, the respondent-Company could not launch new models of mobile handsets in the market on the committed time, due to financial problems. As a consequence, the dealers' payment cycle was adversely affected and they started returning the goods to the petitioner, who was the distributor of the handsets manufactured by the ....

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.... calling upon it to clear the outstanding dues within 21 days of the receipt of the notice. This notice has been served upon the respondent-Company at its registered office, regarding which there is no dispute. No reply has been received by the petitioner to the said notice. Hence, the petition. 3. After the issuance of the notice in the petition, an affidavitinreply has been filed by the respond....

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....te for the petitioner, has submitted that it is clear from the documents on record, especially the letters dated 09.06.2015 and 04.07.2015, issued by the respondent-Company, that the said Company is facing a financial crisis and is unable to pay its admitted, outstanding dues. It is further submitted that in the reply as well, there is no denial to the debt owed by the respondent-Company to the pe....