GOUTHAM ENTERPRISES Vs. ICATCH COMMUNICATIONS INDIA LTD

JUDGEMENT

(1.) THIS Company Petition is filed for an order to wind up the respondent for non -payment of the alleged debt due to the petitioner.

(2.) IN the petition, the petitioner averred that the respondent is a limited company incorporated under the provisions of the Companies Act, 1956 (for short "the Act") with an authorized share capital of Rs.5,00,000/ - comprising 50,000 equity shares of Rs.10/ - each; that its main objects, inter alia, are to carry on business of indoor/outdoor advertising, moving advertising, advertising on liquid crystal display products or such other forms of electronic advertising; to carry on the business to maintain, install, prepare, fabricate, alter, convert, finish, buy, sell, import, export, hire, lease all kinds of advertising and publicity material etc. That the petitioner has undertaken the execution of work under different purchase orders on different dates for erection of a bus shelter at Secretariat, Hyderabad and for turn key ACP (Aluminium Composite Panels) Claddings work with supply of material and fixing charges at Ranchi, Jharkhand, vide purchase order dated 7 -1 -2009. That in pursuance of this order, the petitioner completed the works and sent a bill for an amount of Rs.19,39,100/ -. That as per the understanding the respondent is supposed to pay 40% of the amount as advance; 25 % on commencement of work with material and 25% on completion of 50% of the work and the balance amount on completion of the work. That despite completion of the work, no amount was paid by the respondent; that the petitioner caused statutory notice dated 6 -5 -2010 on the respondent for Rs.22,62,547/ - along with interest @ 24% per annum from the due date till the date of realization; and that the said notice having been received by the respondent on 10 -5 -2010, it has failed and neglected to pay the said amount. The petitioner has therefore filed the Company Petition for winding up the respondent for non -payment of Rs.28,05,558/ - which includes interest @ 24% per annum on Rs.22,62,547/ - as on 24 -6 -2010.

(3.) ON 18 -8 -2010, this Court has ordered notice to the respondent. Despite service of notice on the respondent, it has not entered appearance. By order dated 29 -11 -2010, this Court has admitted the Company Petition and the petitioner was directed to take out publication of advertisement of admission of the petition in two newspapers. Accordingly, publication was carried out. As no one appeared for the respondent even at that stage, the petitioner was permitted to adduce evidence. Accordingly, PW -1 filed affidavit in lieu of his chief - examination and Exs.A -1 to A -11 were marked through him. Based on the uncontroverted pleadings and evidence, this Court has passed an order on 12 -6 -2012 ordering winding up of the respondent, with the direction to advertise the winding up order in Form -53 in two newspapers. It is at this stage that the respondent has filed Company Application No.833 of 2012 to set -aside the exparte winding up order and permit the it to file counter -affidavit. This Court has also taken note of the fact that by order dated 6 -8 -2012 stay of winding up order was granted subject to the respondent depositing a sum of Rs.5 lakhs within two weeks with the Official Liquidator and that the said amount was already deposited by the respondent and set -aside the winding up order dated 12 -6 -2012 on 21 -8 -2012 permitting the respondent to file counter - affidavit. Accordingly, the respondent has filed a detailed counter - affidavit denying and disputing its liability.