NEPC INDIA LIMITED Vs. ATLANTIC BRIDGE AVIATION LIMITED

JUDGEMENT

(1.) THE above appeal is filed against the order dated 21. 12. 2001 passed in Company Petition No. 186/1997, wherein the learned Single Judge has admitted the company petition filed under Section 439 read with Sections 433 (e) and 434 of the Companies Act, 1956 for winding up of the present appellant company and directing the advertisement of such petition. THE present respondent had filed such company petition.

(2.) THE appellant company was initially incorporated as a Private Limited Company, which was subsequently converted to a Public Limited Company. THE present respondent (the petitioner in the company petition) is an international firm of Aviation Consultants. THE appellant company, with a view to start business relating to Aviation, had engaged the present respondent as Consultants since 1992. For the purpose of convenience, the respondent, who had filed the company petition for winding-up, is referred to as "the petitioner" and the present appellant is referred to as "the Company".

(3.) SUCH amount having remained unpaid, statutory notice dated 25th April, 1997, as envisaged under section 434 of the Companies Act, 1956 was issued calling upon the Company to pay 2,69,159 US Dollars. Inspite of such notice, no amount was paid by the Company. The petitioner issued a further reminder on 26th May, 1997 and subsequently, since the amount has remained unpaid, the petitioner has filed the company petition for winding-up of the company on the allegation that the Company has failed to repay its debts to the petitioner.