CRAVATEX LIMITED Vs. VITTA MAZDA LIMITED

JUDGEMENT

(1.) THESE petitions under sections 433 and 434 of the Companies Act, 1956, are filed for winding up of Vitta Mazda Ltd., a company registered under the Companies Act, 1956, having its registered office at Navsari.

(2.) THE petitioning creditors in Company Petition Nos. 126 of 1990 and 212 of 1994 are engaged in the business of leasing plants and machineries to various parties and customers. The respondent -company also carries on the business of leasing as well as charging co -acceptance fees for lease of plants and machineries to its customers.

(3.) IN response to the notice issued by this court, affidavit in reply, dated 27.9.1991, came to be filed by Pesi Jahangir Nanavati raising the following contentions :