2021 (8) TMI 305

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.... petitioner in Company Petition No. 22 of 2012. P. Thejesh for the petitioner in Company Petition No. 270 of 2010. K. V. Goutham and K. Venkat Satyanarayan For the Respondent in all the Petitions : K. J. Kamath JUDGMENT S. SUNIL DUTT YADAV J.- 1. The petitioner in Company Petition No. 195 of 2010 has filed the petition under section 433(e) and (f) of the Companies Act, 1956 seeking for an order of winding up of the respondent-company. 2. It is submitted that the respondent-company is unable to honour the debts incurred by it and the petitioner has drawn attention to annexure "G", which is a letter of confirmation that the outstanding balance as on March 31, 2009 was Rs. 80,20,277. Annexure "G" is the balance confirmation as regards the....

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....the petitioner submits that in light of the above said facts and also noticing the submission made by learned counsel for the respondent admitting the debt as reflected in the order dated March 28, 2014 and that the undertaking to settle the petitioners claim made in the year 2014 remains unfulfilled, it is clear that case is made out for winding up of the company. The order dated March 28, 2014 reads as follows : "Learned counsel for the respondent states that there is a proposal to enter into a one-time settlement with M/s. Canara Bank which is a major creditor. In that regard, the petitioner proposes to pay a sum of Rs. 5.5 crores to M/s. Canara Bank by April 15, 2014 and thereafter, to enter into settlement with the present petitioner....

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....the contents of annexure "G". Even after the present petition was filed, neither objections have been filed nor any assertions taking away the effect of admission in annexure "G" has been made. Clearly, the company is unable to pay its debts. The undertaking made before this court and recorded on March 28, 2014 also remains uncomplied. Hence, a case is made out for winding up of the company. Another matter to be taken note of is the statement made on behalf of the company that there is no substratum of the company in light of the settlement reached before the Debts Recovery Tribunal and assets have been utilised for such settlement. Such a stand by the company would also make it "just and equitable" to order for winding up. 9. No doubt, le....

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....he respondent-company is rejected. Accordingly, this court considers it just and proper to order for winding up of the respondent-company for failure to pay the admitted liability. In light of discussion supra, the respondent-company deserves to be wound up under section 433(e) and (f) read with section 439 of the Companies Act, 1956. The respondent-company, namely, M/s. ANZ International Manufacturing P. Ltd., is ordered to be wound up. The winding up order to be advertised by way of publication in The Hindu English daily newspaper and Udayavani, Kannada daily newspaper in terms of rule 113 of the Companies (Court) Rules, 1959. The official liquidator is appointed as the liquidator of the company and after taking charge of the assets as ....