TaxTMI 
TaxTMI 
2024 (12) TMI 539
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..../2024 (delay of 52 days in filing) 3. For the reasons stated in the application, the same is allowed and the delay of 52 days in filing the captioned appeal is condoned. 4. The application is disposed of. CO.APP. 30/2024 5. The appellants have filed the present appeal impugning an order dated 24.07.2024, passed by the learned Company Court, rejecting the appellants ' application for release of the amounts deposited by the respondent (M/s Vigneshwara Developers Pvt. Ltd.), which is a company-in-liquidation (hereafter the Company). 6. The appellants had jointly applied for allotment of a commercial unit admeasuring 500 square feet in a technology park project at Gurgaon, which was being developed by the Company at the material time. Th....
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....bility to pay service tax on the said amount. Pending resolution of the objections, the amount remained deposited in a fixed deposit, with the Registry of this Court. The appellants also sought time to file a rejoinder to the counter affidavit and to complete the pleadings in Company Petition 145/2014. 9. While the said proceedings (Company Petition 145/2014) were, thus pending, other creditors also filed petitions for winding up the Company. The same included Company Petition No. 885/2015 captioned "Col. P.K. Uberoi (Retd.) & Anr. v. Vigneshwara Developwell Pvt. Ltd. & Ors". It became apparent that the Company had not paid the admitted debts and was, therefore, liable to be wound up on the ground of its inability to pay debts to creditors....
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.... Court had proceeded to initiate steps for winding up of the Company. Accordingly, the appellants would now have to stand with other similarly placed creditors for recovering their dividends in accordance with Section 529 of the Act. 13. It is the appellants' case that they were ill-advised and their counsel did not inform them of withdrawing their company petition. However, in our view, that would make a little difference because, if the company petition has not been withdrawn, at best it could have remained pending once the learned Commercial Court appointed the Official Liquidator as the Provisional Liquidator. It would serve little purpose, as no orders could have been passed for disbursal of funds to the appellants in that petition. ....