TaxTMI 
TaxTMI 
1976 (4) TMI 225
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....the learned Company Judge, finding that a prima facie case had been made out. admitted to hearing the petition for winding up the company and directed that the citation may be issued in the Indian Express, Urdu Milap and the Official Gazette. (2) By the second order made on 19th of December, 1975 against which Company Appeal No. 26 of 1975 has been filed the learned Company Judge disposed of the application preferred under section 450 of the Companies Act and appointed a provisional liquidator. Both the appeals were heard together. After the judgment had been reserved Civil Miscellaneous Petition No. 239 of 1976 was moved in Company Appeal No. 27 of 1975 with the prayer that the appellant be permitted to advance further arguments which b....
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....of arose between the parties for the period which ended on the 30th of April, 1971. (5) It is admitted that no payment has been made for the use and occupation of the building by the appellants after the period to which the aforementioned suit pertains. The appellants continued to become indebted to the respondents for the amounts due month by month at Rs. 2000 per month for the period beyond the period covered by the suit. In the petition filed for the winding up of the appellant company it was stated that the appellants were indebted to the extent of about Rs. I lac and that they had made no payments. It may be mentioned that the objects of the appellant-company were to conduct, register and regulate forward contracts for the sale and ....
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....he learned Company Judge put to the appellants whether they had paid any amount. In terms of the answer given to him he recorded his finding as under : "The respondent-company does not claim to have paid the amount and it is not even willing to pay the amount but the learned counsel for the respondent-company stated that they are willing to pay only if a rent receipt is given." (10) In order to find out whether the appellants were really solvent and competent to pay any amount, the learned Company Judge suggested that the appellants may deposit a sum of Rs. I lac in court without prejudice to the rights of either party. He made v. clear that the deposit would be without prejudice to any controversy prevailing between the parties. The ....
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....the liability to pay. The only ground urged time and again is that the amount can be paid only as rent. As already observed, there is no document whatsoever containing any stipulation that the respondents had ever created any tenancy in favor of the appellants. The debt due by the appellants is presently payable. (14) The other cases cited including 1954 Comp Cas 507 (Bukhtiarpur Bihar Light Railway Co. Ltd. v. Union of India and another) (4), 1965 Comp Cas 456 (Amalgamated Commercial Traders (P) Ltd. v. A. C. K. Krishnaswami and Another) (5) and 1972 Comp Cas 125 (Madhusudan Gordhandas and Co. v. Madhu Wollen Industries Pvt. Ltd.) (6) do not help the appellants at all. We have gone through those cases and do not find any relevance of th....
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....t for admitting the petition for winding up to hearing. It is admitted before us by Mr. Satish Chander, Counsel for the appellants in both these appeals, that the only source of income available to the appellants is that of the license fees payable by occupants of the property in Katra Baryan, Chandni Chowk, Delhi. The appellants, as has been observed earlier, have not shown that they have made any payments whatsoever towards the debt which they have been incurring as from the 1st of May, 1971. The amount claimed by the respondents as debt is due and every month the debt is increasing. No amount has been paid by the appellants to the respondents, although they have been collecting license fees from the occupants in the building. They have a....