TaxTMI 
TaxTMI 
2013 (5) TMI 959
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....ed 03.05.2013 whereby the Company Court has held that the appellant herein has no bonafide defence to the winding up petition and also that the appellant is unwilling and unable to pay the admitted liability. The Company Court has held that the defence of the appellant as to why it would not pay the admitted debt is neither one of substance nor in good faith. In those circumstances, the Company Court has admitted the winding up petition and appointed a Provisional Liquidator for the appellant company. 2. The respondents between the period 24.11.1998 and 11.01.2000 by way of inter-corporate deposits sanctioned and disbursed a total amount of ₹ 7 Crores as loan to the appellant. 3. The appellant allege to have suffered set backs on ac....
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....tle the account as a one time measure for a sum of ₹ 774.08 lakhs as one time settlement amount assuming to be paid immediately i.e. 15 days from the date of sanction of OTS. The letter also recorded that the said figure of ₹ 75 lakhs sought to be adjusted by the appellant had, in fact, been adjusted against interest dues and, as such, could not be considered as part of the one time settlement amount and the cheque of ₹ 2,70,000/- was not being deposited in the account of the respondents. The proposal of settlement submitted by the appellant was considered even without the down payment of 10% of the settlement amount. The letter of 10.05.2012 was without prejudice and required the appellant to make the payment immediately.....
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....s out of the amount of ₹ 7,77,66,667/-. It was clarified by the Hon?ble Court that in case no settlement was arrived at, the matter would be heard on merits. 13. On 25.04.2013, the counsel for the appellant offered to pay a sum of ₹ 6,92,87,036/- to the respondents. However, counsel for the respondents declined to accept the said amount and made a one last offer to the appellant to pay to the respondents a sum of ₹ 7,52,66,667/-. The said offer of the respondents was declined by the appellant. 14. The matter thereafter was heard on merits and the order dated 03.05.2013 has been passed finding the defence of the appellants as not bona fide and admitting the petition for winding up and appointing the Provisional Liquidator....