ICICI BANK LTD. Vs. ARAMBAGH HATCHERIES LTD.

JUDGEMENT

(1.)

(2.) THIS winding up application is at the instance of ICICI Bank Limited. The cause of action arises from substantial sums of money lent and advanced by the petitioning creditor to the Company from 2002.

(3.) THE petitioner in C.P. No. 383 of 2009 is M/s. G.S. Atwal & Co. (Engineers) P. Ltd. It is said that on or about 14 -1 -2007, the petitioning creditor advanced Rs. 50 lakhs to the company as Short Term Inter Corporate Deposit. On 19 -11 -2007, the petitioner advanced a further sum of Rs. 25 lakhs on the same terms. In repayment of the above debt, the company handed over to the petitioning creditor several cheques mentioned in paragraph 7 of the petition. All these cheques were dishonoured for insufficiency of funds. Further cheques for Rs. 75 lakhs were handed over by the company to the petitioner.