DAILAH ALBARAKA INLAND LIMITED Vs. PENTASOFT TECHNOLOGIES LIMITED

JUDGEMENT

(1.) THE petitioner herein seeks an order of winding up of the respondent company under Section 433(e) and (f) read with Section 434(1)(A) and 439(1)(b) of the Companies Act, 1956. THE petitioner faces its claim to a decree obtained before the High Court of Justice, Queen-s Bench Division, Commercial Court, -England and Wales.'.

(2.) UNDER an agreement dated 20.9.2000, the petitioner granted a finance facility to Pentafour international Singapore Private Limited subsequently came to be known as Pentasoft Singapore Private Limited, to a sum of US$ 10 million for the acquisition of software and related products for onward sale to buyers. UNDER the terms of the agreement, the respondent herein furnished a corporate guarantee guaranteeing payment. The allegation of the petitioner is that the Pentasoft Singapore private Limited committed defaults in payment of a sum of US$ 9,464,562.40 with interest awarded as on 31.12.2003 to a sum of US$ 484,686.53, thus aggregating to a sum of US$ 9,949,248.93.

(3.) THEREAFTER, the petitioner issued a statutory notice under the Companies Act on 18.12.2007 that the judgment of the Queen-s Bench Division being final, the respondent as liable to pay the sum that as the decree was passed by the reciprocating country, the decree was executable against the respondent in India and called upon the respondent to pay the decreed amount of US$ 13,362,754.05 or to its rupee equivalent as at the exchange rate prevalent as on the date of the decree, failing which, the petitioner threatened to proceed under Section 433(e) and (f) read with Sections 434(1)(A) and 439(1)(b) of the Companies Act, 1956 before this Court.