2018 (3) TMI 1892

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....y (Court) Rules, 1959, by inter-alia seeking direction to wind up the Respondent Company i.e. Lanco Solar Energy Pvt. Ltd., appoint Official Liquidator of High Court to oversee winding up affairs of the Respondent Company, Cost of the petition be paid from the assets of the Respondent Company. 2. Brief facts, leading to filing of the Company Petition, are as follows: (a) The Company Petition is transferred from the Hon'ble High Court at Hyderabad to the Tribunal, in pursuance to the notification given by the Central Govt. and the same is taken on record of this Tribunal. (b) The Petitioner Company is registered under the Companies Act, 1956, and is into manufacture of galvanized steel structure towers and supplier o....

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....n payment of admitted outstanding dues to the tune of Rs. 68,94,997/-. Further the Respondent Company have also defaulted in paying the Statutory taxes i.e. CST and as on date the total outstanding dues with interest is Rs. 1,08,58,026/- (including the interest of 18% and CST). (g) The Petitioner Company had issued a notice dated 20.12.2013 indicating the admitted outstanding dues as on date and calling for the payment of the admitted amount due. Instead of complying with the demand notice, the Respondent chose to send a belated reply dated 25.03.2014. The Respondent Company despite having received the material supplied by the Petitioner Company and despite utilizing the said material, has failed to clear the outstanding dues, even....

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....tion 433(e) and (f) and 434(1)(a) and (c) of the Companies Act. Hence, the Petitioner seeks directions of the Court to process with the winding up Petition under the provisions of the Companies Act, 1956. 3. Heard Mr. N. Madhusudan, representing M.M. Gokhale, Advocates. Mr. D.V.A.S. Ravi Prasad, Advocate for the respondent. 4. The Learned Counsel for the respondents has stated that in complying with the notifications of the Central Government after promulgation of the Insolvency and Bankruptcy Code, 2016, the Petitioner filed the documents following documents in the instant petition: a. The written Communication by proposed interim resolution Professional under Rule 9. b. Affidavit declaring the amount in dispute is ....

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....,59,341/- and an amount of Rs. 40,59,806/- was deducted and adjusted as a result of breach of contract and no amount is due or payable to petitioner. Hence, it is prayed CP lacks merits and it is liable to be dismissed. 6. The Petitioner also filed rejoinder on 08.08.2017 by reiterating the averments made in the Petition and states that as claimed by the Respondent it is not a "Time barred debt" in which the details stated as the statutory notice under the Companies Act, 1956 was issued to the Respondent on 07-10-2014 and upon receipt of reply notice dated 06-12-2014 denying the liability and without raising any question of limitation, the Petitioner has filed the Company Petition on 23.07.2015 before the Hon'ble High Court at Hydera....