MOTWANI BUILDERS PVT LTD Vs. TARACHAND H KHANCHDANI

JUDGEMENT

(1.) By both these appeals the appellant challenges common order passed by the learned Single Judge of this Court dated 29-6-2007 in Company Petition No. 726 of 1998 and Company Petition No. 171 of 2000. Both these company petitions were filed by two different petitioners seeking the same reliefs namely winding up of the appellant-company. The grounds on which the order of winding up of the appellant-company was sought was also the same, and therefore, in our opinion, both these appeals can be convenientiy disposed of by a common order.

(2.) The facts that are relevant and material for our purpose are that the Company Petition No. 726 of 1998 was filed by M/s. Kunal & Co., a partnership firm registered under the Indian Partnership Act seeking an order for winding up of the appellant-company and an order for appointment of official liquidator as a liquidator of the company was also sought.

(3.) In the petition, it was averred that the appellant-Company was incorporated on 17.2.1982 under the Companies Act, 1956 as a private company, limited by shares. The registered office of the Company was at Mumbai. The authorised share capital was Rs. 3,00,000/- divided into 30,000 equity shares of Rs. 10/- each. The issued, subscribed and paid up share capital of the appellant Company was Rs. 2,07,000/- divided into 20,700 equity shares of Rs. 10/- each, fully paid up. The objects of the Company as set out in the Memorandum of Association were to carry on business, own, buy, sell, possess, develop, construct, demolish, rebuild or otherwise deal in lands and buildings and to do other ancillary things in relation to the aforesaid objects as set out in detail in the Memorandum of Association. It was contended that the Company was indebted to Kunal for a sum of Rs. 3,91,54,538/- being the balance of the amount lent and advanced by the petitioner-Kunal to the appellant-Company alongwith interest due at the rate of 18% p.a. with quarterly rests as per the agreement and in accordance with the particulars of claim.