PAC SOFT SOLUTIONS Vs. VIDHAN CHAUDHARI

JUDGEMENT

(1.) This original side appeal under Section 483 of the Companies Act, 1956, is by the respondent company in Company Petition No.37/2011 being aggrieved by the order for winding up the company, passed on 28.05.2012 by the learned Company Judge of this Court.

(2.) Petitioner in Company Petition was a debenture holder and had presented his debentures in the company for payment on maturity. It is the version of the petitioner company that a sum of Rs.3,40,10,000/- was due to the petitioner, from the respondent company to the petition and this amount was not repaid. But on the other hand, the company pleaded that the petitioner debenture holder had an option to accept equity shares in lieu of the redemption of the debentures and therefore, it cannot be held that the company was under any debt to the company petitioner or that the amount was due to the company petitioner.

(3.) Learned company judge went into the merits of the same and found that the stand taken by the respondent company was not tenable, that it was only a pretence of a defence to avoid liability for discharging its debts; that the denial for payment of amount by the respondent company to the company petitioner was not a tenable defence and therefore, proceeded to pass the impugned order. The company petition was allowed and ordered for winding up of the company. It is in this background the present appeal.