GANESH BENZOPLAST LTD Vs. STATE

JUDGEMENT

(1.) The present Company petition has been filed by the petitioner company L and T. Finance Limited, having its registered office at L and t. House, Ballard Estate Mumbai and thereby invoked the provisions of sections 433 and 434 of the Companies Act, 1956, (for short "companies Act") and thereby prayed to wind up the respondent company, namely Ganesh benzoplast Ltd. , having its registered office at Ganesh House, Off. Andheri-Kurla road, Marol Naka Andheri (East) , Mumbai. That the respondent Company some time on 8th May, 2000, approached the petitioners and requested for finance and accordingly, the petitioner company had agreed and agreement dated 8th May, 2000, was entered between the parties. The respondent company defaulted and made late payment of the instalments, in spite of the said agreement. On 6th May, 2000, prior to the execution of the loan agreements, the respondent had undertaken to make the payment, within the time period specified in the schedule contended in the loan agreement. On 11th june, 2002 pursuant to the request of the respondent company, a one time settlement was agreed on the condition mentioned in the letter dated 11th june, 2002. The respondent company committed default again and failed and neglected to comply with the conditions contended in the said letter. Therefore, the said agreement for one time settlement was cancelled and demand was made to the respondent company, to make the payment of out standing dues, in terms of loan agreement dated 8th May, 2000. As there was no payment made by the statutory notice, dated 4/3rd August, 2002, demanded the amount of Rs. 55,43,232 with further interest there on at the rate of 26% from the 1st August, 2002. The said notice was duly received by the respondent company. There was no payment made within the stipulated period of statutory notice.

(2.) The petitioner company therefore, have filed Company Petition No. 1025/ 2002 and in the above back ground, submitted that the assets of the said company are not sufficient to meet their liabilities, which are admittedly, no paid in spite of demand. As per the latest Annual Return i. e. on 29-9-2001, the respondent company is indebtedness towards other creditors and there are various winding up petitions, which are pending against the said company. Therefore, it is just, fair, and absolutely necessary to wind up the petition and appoint official liquidator, as prayed.

(3.) An affidavit in reply, dated 27th December, 2002 was filed on record by the respondent and resisted the claim and objected to the liability also. To this rejoinder dated 27th July, 2003, has been filed by the petitioner company. The respondents company have also filed sur rejoinder, dated 22nd august, 2003. To this petitioner company has filed sur-rejoinder dated 18th november, 2003. In all, parties have reiterated their respective stands.