2016 (3) TMI 1253

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.... charge of the assets, affairs, bank accounts, papers, books of accounts etc. of the respondent-Company. 2. The petitioner is a proprietary concern, having its registered office at the address mentioned in the cause title of the petition. The petitioner is engaged in various kinds of business, including the selling and distribution of electronic products/goods, including Computers, Hardware, Mobile phones, accessories etc. The respondent-Company is also a company registered under the Companies Act, having its registered office as indicated in the petition. It manufactures mobile handsets, tablets, etc. The petitioner, looking to an opportunity for growth in the market, took up the task of distribution of mobile handsets manufactured by t....

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....gistered 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 respondent-Company, wherein it is stated, in paragraph6, that the respondent-Company could not pay the said outstanding amount in time due to lack of working capital and heavy crunch in the financial market. The tone and tenor of the reply is such that it can be said to be an admission of the debt owed by the respondent-Company to the petitioner, which it is unable to pay due to its weakened financial capacity. Though the stand of the respondent-Company is that the nonpayment of the outstanding amount canno....