GITA MALIK AND ORS. Vs. NANDAN CLEANTEC LTD.

JUDGEMENT

(1.) This company petition is filed for an order to wind up the respondent for non -payment of the debt, allegedly, due to the petitioners. The petitioners averred that they have approached the respondent for the purpose of planting 'Safed Musli' - planting material. That a Memorandum of Understanding (MoU) was executed between the parties on 27.1.2003 and that as per the said MoU, the petitioners paid various amounts to Nandan Agro Firms Pvt., Ltd., renamed as Nandan Biamatrix Limited and again renamed as Nandan Cleantec Limited. The petitioners further pleaded that the respondent failed to provide technical know how during the cultivation period, as a result of which, the petitioners suffered huge loss, such as loss of yield, loss due to non -payment for the crop purchased, loss due to non -lifting of the plant, loss of the amount spent towards supervision and restoration of land to its original position. That the petitioners raised a dispute by way of arbitration and accordingly, an Arbitral Tribunal was constituted with three arbitrators who have passed an award, dated 1.11.2010, holding that the respondent committed breach of MoU and accordingly, it awarded a sum of Rs. 35,00,000/ - with interest at 12% per annum from 27.1.2004 till the date of payment. That the respondent challenged the aforesaid award before the Additional District Court, Panchkula, and the said Court by judgment and decree, dated 23.12.2011, rejected the respondent's objections and dismissed the petition filed by the respondent. That the petitioners filed EP No. 2 of 2011 in the same Court -Additional District Court, Panchkula, and subsequently the same has been transferred at the request of the petitioners to the District Court, Medak, where the properties of both the parties are situate. The petitioners caused statutory notice, dated 6.3.2013, issued under Ss. 443 and 434 of the Companies Act, 1956 (for short 'the Act'), whereunder the respondent was called upon to pay Rs. 78,42,329/ - comprising the principal amount of Rs. 35,00,000/ - alongwith interest at the rate of 12% per annum upto 6.3.2013. That till the date of filing the company petition, the respondent failed to pay the amounts awarded by the Arbitral Tribunal and that therefore, the petitioner has prayed for winding up of the respondent.

(2.) The respondent filed a counter -affidavit, wherein the only objection raised by it is to the maintainability of the company petition as the statutory notice, dated 6.3.2013, was allegedly sent to the wrong address, which is not its registered office address. No attempt has been made in the counter -affidavit to refer to any of the averments made by the petitioners on merits.

(3.) At the hearing, detailed submissions are made by the learned Counsel on either side on the maintainability of the company petition on the objections taken by the respondent regarding non -service of notice on it at its registered office address. However, this Court finds it unnecessary to deal with this aspect for the reasons that are mentioned infra.