2014 (2) TMI 1356

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....t is alleged that the respondent has been unable to pay the amount due despite a notice under Section 434(1)(a) of the Act being served upon the respondent. The respondent has, pursuant to directions of this Court, filed an additional affidavit dated 31.01.2014 enclosing a copy of the trial balance disclosing the amounts owed to various banks. As per the said trial balance a sum of Rs. 7,43,90,000/- is shown as payable to the petitioner on account of Bill Purchase Account as on 31.03.2013. Similarly, a sum of Rs. 58,34,96,860/- is reflected as due and payable to the petitioner on account of ?HSBC PCFC Account No. LEANDH290100?. The learned counsel for the petitioner submits that in view of this affidavit, there could be no dispute that th....

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....itioner to maintain the present petition which the petitioner is entitled to ex debito justitiae. The second submission made by the respondent that there is an inter se agreement between various banks also does not offer any credible defence to the respondent. The present petition is, therefore, admitted and the petitioner is directed to issue advertisement in ?Statesman? (English) and ?Jansatta? (Hindi). The advertisement be also published in the Delhi Gazette for hearing on 22.05.2014. CA No. 257/2013 By an order dated 15.01.2013 it was directed that the interim order passed on 18.02.2013 shall operate till the disposal of the present petition. Accordingly, the present application stands disposed of. CA No. 259/2013 Exemption is....