TARA CHAUDHARY Vs. DISTINCT REALTY LTD

JUDGEMENT

(1.) THIS is a company petition filed under Section 433 (e) of the Companies Act against the respondent-company known as Distinct Realty Limited (hereinafter referred to as "company") seeking for its (Company's) winding up. The winding up is sought essentially or rather only on the ground falling under Section 433 (e) of the Act contending that company has failed to pay a sum of Rs. 8,42,198 to the petitioner i. e. , inability to pay the debt.

(2.) IT is the case of petitioners that petitioner No. 1 had applied for allotment of some plot to the company which is claimed to be engaged in the business of Sale of plot etc. It is alleged that an agreement to that effect was also entered into. The agreement according to petitioners inter alia provided that it is the option of the petitioners to opt whether to ask for the plot or return of money with interest at the rate of 16% which the petitioners had claimed to have deposited (Rs. 88,600 ). It is contended that petitioner instead of opting for having a plot opted for return of the money and for that purpose entered in correspondence/notices with the respondent Company. It is alleged that despite correspondence/notices sent by the petitioner to company to return the money with interest, the company has not yielded to its request and hence, need to file a petition for winding up against the company.

(3.) HEARD Shri G. M. Agrawal, learned counsel for the petitioners on the question of admission.