NACHMO KNITEX LIMITED Vs. ABHIYOG HOLDINGS PRIVATE LIMITED

JUDGEMENT

(1.) THE petitioner has filed this petition under Section 433 and 434 of the Companies Act, 1956 for winding up of the respondent -Company.

(2.) THIS Court has issued Notice on 13th September, 2007. On service of Notice respondent - Company has filed its appearance through its advocate Mr.R.S.Sanjanwala. An Affidavit in reply was filed by the respondent -Company on 17/22nd October, 2007. Considering the said affidavit -in -reply, the Court has passed an order on 24th October, 2007 and observed that outstanding dues principally are not in dispute and Mr.Sanjanwala learned Counsel appearing for the respondent -Company further declared before the Court that the financial position of the Company is such that the assets are much lower than the liability. The Court, therefore, admitted the petition and order of advertisement was passed directing the petitioner to publish the advertisement in two newspapers namely, Indian Express and Sandesh both Ahmedabad editions and publication in the Government Gazette was dispensed with. The final hearing of the petition was fixed on 5th December, 2007. Pursuant to the order of admission and advertisement, publication of advertisement was made in the two newspapers as directed by this Court on 02.11.2007. An Affidavit of publication is filed on 19th November, 2007. Relevant extracts of the advertisement published in the two newspapers are produced on record of the Court along with the affidavit of publication.

(3.) PURUSANT to the said order dated 12.12.2007, the petitioner has produced statement of ledger right from the beginning. Over and above this, a brief summary of the statement of account from 1998 -1999 to 2007 -2008 is filed before the Court. This statement indicates as to how the outstanding balance of Rs. 12,78,87,547.57 as on 31st March, 2006 is arrived at. This is further increased to Rs. 13,53,08,065.00 as on 31st March, 2007. On behalf of the petitioner, an additional affidavit is filed on 18th December, 2007 along with list of directors of the petitioner -Company Likewise on behalf of the respondent - Company, an affidavit is filed on 19th December, 2007 giving the list of directors as on 18th December, 2007.