PABBA VISHALAXMI Vs. RAMANA PROCESS PVT. LTD.

JUDGEMENT

(1.) THESE two Company Petitions raise common issues of fact and law. Hence, they are heard and disposed of together.

(2.) THE petitioner in C.P.No.244/2013 and Pabba Bhim Shankar are natural brothers and they have floated the respondent -company as a Private Limited Company. The petitioner in C.P.No.243/2013 is the wife of the petitioner in C.P.No.244/2013. It is the case of the petitioners that they have advanced certain monies to the respondent by way of cheques and that under a Memorandum of Understanding entered into on 25 -11 -2012 (for short the MoU) between the petitioner in C.P.No.244/2013 and his brother, who is presently managing the respondent -company, it was agreed that the same will be taken over by one of the two brothers i.e., Pabba Bhim Shankar and that he will discharge all the liabilities already incurred by the company. As the claims of the petitioners for repayment of the monies stated to have been given to the respondent -company were denied by its Managing Director, they have filed these two Company Petitions for an order to wind up the respondent for non -payment of the debts.

(3.) REPLY affidavits have been filed by the petitioners wherein they have reiterated their claim that they have advanced monies to the respondent.