NARESH CHANDRA SHARMA Vs. AVADH RUBBER LTD.

JUDGEMENT

(1.) HEARD Mr. Faisal Ahmed Khan, learned Counsel for the petitioner and Mr. Devendra Mohan Shukla, learned Counsel for opposite party No. 1.

(2.) THE opposite party No. 1 - Avadh Rubber Limited is a public limited company incorporated under the Companies Act, 1956. The petitioner has filed the present company petition for winding of the company under Section 433(e) of the Companies Act as the company has failed to pay the salary to the petitioner for some periods and the same has become due.

(3.) TO determine the question as to whether the arrears of salary is debt or not and on default of payment of arrears, the company is liable to be wound up or not, the relevant provisions of the Act are to be considered, which are quoted hereinunder: