GLOBAL INFOSYSTEM LTD Vs. LUNAR FINANCE LTD

JUDGEMENT

(1.) Present winding up petition has been filed under Section 433(e) read with Sections 434 and 439 of the Companies Act, 1956 (for short Act) stating that respondent is unable to pay its debts.

(2.) The facts as stated in the petition are that on 04 th September, 1996, the respondent company (Lunar Finance Limited) passed a Board Resolution guaranting the loan amount of Rs. 52,55,500/- advanced by the petitioner to the principal debtor. By virtue of the said Board Resolution, the respondent company pledged certain shares as Collateral Security. On 09 th September, 1996, a Tripartite Agreement cum Pledge was executed between the petitioner (Lender), Lunar Diamonds Limited (Principal Debtor) and respondent-guarantor.

(3.) However, as the cheques issued by the principal debtor were dishonoured, the parties on 09 th September, 1996 entered into a fresh Agreement cum Pledge amongst the petitioner, principal debtor and respondent-guarantor. Two cheques were also issued by the principal debtor towards the principal amount and interest.