KULDEEP SINGH Vs. ORIENTAL GREEN ENVIRONMENT LIMITED

JUDGEMENT

(1.) . This petition has been filed by the petitioner praying for an order for winding up of the respondent company M/s Oriental Green Environment Limited having its registered office at "Oriental Towers", C-50, Community Centre, Naraina, New Delhi 110028.

(2.) . According to the averments in the petition, the respondent company was incorporated under the Companies Act, 1956 on 24/02/1997. One of the main objects of the company was to carry on business of plantation of all types of trees and plants for commercial, domestic, industrial and other purposes and to carry on the business of agriculture, horticulture, floriculture, sericulture, tissueculture, pisci-culture, forestry, poultry, fishing, farming and to develop resorts, green houses and other related activities.

(3.) . The petitioner is one of the creditors of the respondent company. During the course of the business, the petitioner had deposited Rs. 18,900.00, with the respondent company with buy back facility in respect of which the respondent issued Certificate No. 385 dated 31.12.1997(Annexure-P/2) to the petitioner, clearly stating that the petitioner has the option to buy back the deposited amount after two years, three years and seven years. After the expiry of 2 years the petitioner approached the respondent Company, requesting it to pay back an amount of Rs. 24,570.00. However, the respondent falled & neglected to pay the admitted amount to the petitioner. Thus the petitioner sent,a Statutory notice dated 14.8.2000 (Annexure-P/3) under Section 434 of the Companies Act, claiming therein a sum of Rs. 24.570/- alongwith interest @ 21% per annum. However, the respondent failed to make the payment of the admitted amount. A copy of the said notice along with A.D. Card is annexed with the petition as Annexure-P/4(Colly). Hence the present petition.