JANAKALYAN SAHAKARI BANK LTD Vs. INDUJ ENERTECH LIMITED

JUDGEMENT

(1.) HEARD counsel for the parties. Perused the pleadings. This petition came up for admission on 22.9.2005. After hearing counsel for the parties for some time, as counsel for the respondent company made statement that they intended to challenge the Recovery Certificate issued under the provisions of the Maharashtra Cooperative Societies Act against the respondent company by way of revision, the hearing of the present petition was deferred. Now I am informed that the Revision Application preferred by the respondent-company has been rejected, as the respondent company has failed to comply with the statutory requirement of Section 154(2A) of the Act of pre-deposit of 50% of the recoverable dues with the petitioner-bank.

(2.) BE that as it may, the proceedings before the Cooperative Court are independent and those proceedings even if the respondent company intends to take up the matter further questioning the correctness of the order passed by the Revisional Authority cannot detain this court from considering the present petition for winding up of the respondent company.

(3.) HAVING considered the rival submissions and the documents on record, I find no substance in the defence taken by the respondent company. The argument that the respondent company was in financial difficulty because of unavoidable circumstances is no legal defence available to the respondent company to resist the relief claimed in the present petition. The statutory presumption against the respondent company in fact remains unrebutted, considering the position that the respondent company is in financial difficulty. Accordingly, this submission does not commend to me.