ISHWAR INDUSTRIES LTD Vs. LAKSHMI MACHINE WORKS LTD

JUDGEMENT

(1.) THE prayer in this company petition is to wind up the respondent Company under the provisions of the Companies Act, 1956.

(2.) THE petitioner Company is incorporated under the Companies Act, 1956, and its registered office is located at 10th Mile Stone, Mine Madhura Road, P.O.Ishwar Nagar, New Delhi-110065. THE authorised share capital of the petitioner company is Rs.20 Crores divided into 1,00,00,000 equity shares of Rs.10/- each, and 1,00,00,000 Cumulative Shares at 12% of Rs.10/- each. THE paid-up share capital of the petitioner Company is Rs.17,20,39,000/- THE main object of the petitioner Company is to do business of manufacturers and dealers in machinery of all kinds, particularly textile machinery and all or any of the business of mechanical, electrical, railway, marine, aeronautical, agricultural, sanitary, civil and construction Engineers.

(3.) THE respondent Company herein took over the Default Company pursuant to the order passed in Case No. 407 of 2002 before the BIFR and therefore all the assets and liabilities of the Default Company were taken over by the respondent company herein. According to the petitioner the respondent Company is liable to pay a sum of Rs.51,62,873/- to the petitioner company. THE petitioner sent a legal notice on 4.6.2007 and called upon the respondent to pay the said amount. THE respondent through its Counsel sent a reply on 21.6.2007 and stated that it has preferred an appeal against the Judgment and Decree in F.A.No.145 of 2002 before the High Court of Madhya Pradesh at Jabalpur. THE petitioner filed this Company petition on the ground that the High Court of Madhya Pradesh at Jabalpur, has not granted stay of the judgment and decree pending disposal of appeal filed in F.A.No.145 of 2002. THErefore the winding up petition is filed due to the non-payment of the decree amount by the respondent company, who is the successor in interest of the Default Company.