PRAVINCHANDRA JINABHAI PATEL Vs. GITANEEL BUILDERS INDIA

JUDGEMENT

(1.) THIS petition has been filed under the provisions of section 583 of The Companies Act, 1956 (hereinafter referred to as "the said Act") for winding up of the affairs of M/s. Gitannel Builders (India) (hereinafter referred to as the Company) by and under direction of this Court and for other reliefs as prayed for in the petition.

(2.) THE Company is an unregistered Company within the meaning of the provisions of section 582 of the Act. The petitioners and the respondents 2 to 8 and 10 to 21 are members of family and related to each other. Respondents 2 to 11 constitute one ground (hereinafter referred to as Group A ). The petitioners and the respondents 12 to 21 constitute another group (hereinafter referred to as Group B ). However, the respondents 15 and 19 are supporting the members of Group A. The petitioners and the respondents are the creditors/members/partners/beneficiaries of the shares in the Company. The business of the Company has been that of builders, building contractors and/or building constructions and/or acquiring land with or without premises thereof an what is popularly known as ownership basis. The Company acquired an immoveable property situate at 13/19, Medows Street (Nagindas Master Road) Bombay 400 023 (hereinafter referred to as The said immoveable property ). The said immoveable property is the main and principal project and capital asset of the Company.

(3.) ON 25th September, 1987, a Deed of Partnership (hereinafter referred as these said Deed of Partnership) of the Company was executed under which the Company was reconstituted as mentioned therein and upon the terms and conditions mutually agreed upon and incorporated therein. It was inter alia agreed amongst the partners that the Bank account/accounts of the Company would be opened and or operated upon only by and under the joint signature of the 6th respondent, being the party representing the members of the Group A and the 1st petitioner, being the party of the part representing the members of Group B and that such account or accounts shall be with any nationalised bank or banks unless otherwise mutually agreed in writing. It was further agreed amongst the partners that the sales and/or disposal of the premises (office/shops/stalls etc.) and/or any right on ownership basis or otherwise would be validly affected by and under the joint signature of the 6th respondent and the 1st petitioner only. Clauses 16 and 17 of the said Deed of partnership which are relevant for the purposes of the present application as incorporated therein read as under :