HONEYWELL AUTOMATION INDIA LTD. Vs. DLF UNVIERSAL LTD.

JUDGEMENT

(1.) M /s Honeywell Automation India Limited, Company incorporated under the Companies Act, 1956 filed Company Petition No. 66 of 2006 under Section 433(e) and (f) read with Section 439(1)(b) and 434(1)(a) of the Companies Act seeking winding up of the respondent -Company known as M/s DLF Universal Ltd. on the grounds that the respondent -company Was failed and neglected the payment of the dues against it. It is further alleged that respondent -company is not in a position to make its financial commitment and thus unable to pay the debts. It is also stated that respondent -company appears to be in an insolvent condition and its substratum appears to have been lost. According to the -petitioner, the respondent -company is unable to pay the amount of Rs. 32,56,514/ - as the principal amount with interest @ 20% per annum total Rs. 60,24,550/ - as on 31.3.2006. A statutory demand under Section 434 was also made and therefore, the present petition has been filed. An ancillary application seeking appointment of Official Liquidator has also been preferred.

(2.) A notice to show cause as to why petition be not admitted was issued on 4.5.2006. On being served, the respondent -company has appeared and after seeking certain opportunities for filing the reply, an application under Section 8 of the Arbitration and Conciliation Act for referring the matter to the Arbitrator was filed on 5.4.2007. Simultaneously, reply to the main petition No. 66 of 2007 was also filed on the same date. The petitioner in the main petition filed its reply to the application under Section 8 and rejoinder thereto also stands filed.

(3.) THE applicant has further stated that the petitioner in the main petition has relied upon forged and fabricated documents to show alleged admission of liability on the party of the applicant (respondent). The question of validity of these forged documents can only be decided by means of evidence in arbitration proceedings.