MONAJ K SHAH Vs. CRYSTAL WATCHES LTD

JUDGEMENT

(1.) PRESENT Company Petition has been filed by the petitioner under Sections 433 and 434 of the Companies Act, 1956 for an appropriate order of winding up of the Company, Crystal Watches Ltd.

(2.) IT is the contention on behalf of the petitioner that the petitioner has let out the premises at 407, Ashwamegh House 5, Smruti Kunj Society, Navrangpura, Ahmedabad and the respondent company is in possession of the said premises; that lease amount/rent to the extent of Rs. 2,68,800 is due and payable by the respondent; and inspite of repeated requests and demands the respondent Company has neglected and failed to pay the aforesaid amount to the petitioner. It is further submitted that as the said amount was not paid the petitioner was required to serve a statutory notice upon the respondent Company as required under Section 434 of the Companies Act, 1956 and inspite of the service of said statutory notice the respondent company has neglected and failed to make payment within 21 days and therefore statutory presumption can be raised that the respondent company is unable to pay the debts. Therefore it is requested to allow the present Company Petition and to pass an appropriate order of winding up of the respondent company, Crystal Watches Ltd.

(3.) WHILE admitting the present Company Petition, this Court passed a detailed order observing that the respondent Company had replied to the statutory notice in which the company has never disputed the amount payable. However, the only submission made was that they are facing financial crisis and as soon as the financial position improves the payment will be made. This Court also observed that the said reply was dated 31st March 2006 and more than one year has passed thereafter but the respondent Company has not paid any amount to the petitioner. This Court also observed that in the affidavit -in -reply filed in the present Company Petition also the claim is not disputed. After the admission, there is no changed circumstance. The admission of the present Company Petition was directed to be advertised in two local newspapers, i.e., "The Indian Express" [English Daily] and "Sandesh" [Gujarati Daily] both Ahmedabad Editions and affidavit of advertisement dated 28th April 2007 is placed on record submitting that admission of the petition has been published in aforesaid two local newspapers. Inspite of the same, nobody has raised any objection against granting of relief in the Company Petition.