2014 (7) TMI 1347

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....to the Petitioner, the Company had approached the Petitioner for branding space at Garuda Mall, Bangalore, owned by the Petitioner, for the financial year 2011-2012 and 2012-2013 and had entered into two leave and license agreements dated 15th April, 2011 and 20th March, 2012, ("said Leave and License Agreements"). As per the terms of payment defined in the said Leave and License Agreements, the Company was required to pay a sum of Rs. 9,25,000/excluding service tax per month for the financial year 2011-2012 and Rs. 3,65,000/excluding taxes per month for the year 2012-2013 towards License Fee. 3. According to the Petitioner, the branding space so obtained under the said Leave and License Agreements had been in turn used by the Company to....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e amount of Rs. 16,12,562/- which was to be paid towards the License Fee for the year 2011-2012. The Company also admitted its liability to pay a sum of Rs. 23,56,900/as outstanding amount payable towards License Fee for the year 2012-2013. The said amount has remained unpaid. 6. According to the Petitioner, to discharge the said liability the Company again issued 10 undated cheques to the Petitioner. It was agreed between the parties that the Petitioner would present the said cheques only after taking written approval from the Company. However, when the Petitioner sought the approval of the Company to present the cheques, the Company refused to give its approval under some pretext or the other. Thereafter under the oral instructions giv....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... However, the same has been returned with the remarks "unclaimed/left" respectively. Since the Company Petition has been served by the Petitioner at the registered address of the Company as shown in the records of the Registrar of Companies ("ROC"), the Petition is deemed to be served despite being returned with the remarks "unclaimed/left". 8. In view thereof, what is stated in the Petition has remained uncontroverted. I am therefore satisfied that the Company is unable to pay its debts and the above Petition deserves to be admitted. Hence the following Order: (i) The Company Petition is admitted and made returnable on 14th August, 2014. (ii) The Petitioner is directed to advertise the Petition in two local newspapers, viz. 'Free....