2013 (8) TMI 1188

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.... (ORAL) 1. This is a petition filed by YES Bank Ltd. under Section 433(e)/434(1)(a)/439 of the Companies Act, 1956 seeking winding up of the respondent company for non-payment of an amount of Rs. 11,77,65,057.22 paise. The amount represents the loan advanced by the petitioner to the respondent, including interest. 2. Notice of the petition was issued to the respondent but it could not be ser....

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....nt of Rs. 1,240 lakhs has been shown as rupee loan from the petitioner-bank, by way of Note No.2A of Schedule C. This serves as an acknowledgement of the debt as on 31.03.2011 and thus the debt is not barred by limitation. The learned counsel for the petitioner has also drawn my attention to Annexure P-30, which is a letter dated 29.07.2011 written by the respondent to the petitioner, which is as ....

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....er may be treated as acknowledgement of debt from us as per Section 18 of Limitation Act, 1963. Yours sincerely, For International Electron Devices Ltd. Sd/- Managing Director" 4. Thus both the balance sheet as on 31.03.2011 and the letter dated 29.07.2011 contain an acknowledgement and an admission of the debt due to the petitioner bank. The bank issued a st....

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....nd records of the Respondent forthwith. The OL shall also prepare a complete inventory of all the assets of the Respondent before sealing the premises in which they are kept. He may also seek the assistance of a valuer to value the assets. He is permitted to take the assistance of the local police authorities, if required. 7. Publication of the citation of the petition be effected in the Offici....