KOTAK MAHINDRA BANK Vs. SUBHIKSHA TRADING SERVICES LIMITED

JUDGEMENT

(1.) THIS Company Petition has been filed seeking to wind up the Respondent Company namely M/s Subhiksha Trading Services Limited under the provisions of the Companies Act, 1956.

(2.) THE respondent company was incorporated as a private limited company on 10.4.1997 with authorized share capital of Rs. 33 crores consisting of 33 crore equity shares of Re. 1/- each and its main objects are as follows:

(3.) THE petitioner sent various letters to the respondent including the letters dated 2.7.2008, 9.8.2008 and 19.8.2008. In fact, in the letter dated 19.8.2008, the petitioner bank stated that there was a mutual agreement between the parties to waive all additional interest and charges and accordingly, the respondent company was to pay Rs.3597.27 lakhs to the petitioner on or before 30.9.2008, which the respondent failed to pay and even after the time was extended, the Company did not pay the amount. THE Company, by letter dated 30.9.2008, requested the petitioner to renew the limit till 31.12.2008 stating that the facilities would be repaid on or before 31.12.2008, to prove its bona fide also enclosed a cheque dated 31.12.2008 drawn in favour of the petitioner towards repayment of entire facilities. THE interest was increased to 16.50% p.a. from 1.10.2008, but the company failed and neglected to pay the dues of the petitioner. THE cheque dated 31.12.2008 issued by the Company for Rs.35 crores was returned unpaid by its bankers when deposited by the petitioner and a notice under Section 138 of the Negotiable Instruments Act was issued.