KIRPAL SINGH Vs. SUTLEJ LAND FINANCE PVT LTD

JUDGEMENT

(1.) THIS is an application under Section 435 read with Sections 433 and 434 of the Companies Act (for short " the Act") for winding up the respondent-company.

(2.) C. P. No. 85 of 1985 was originally filed by some of the creditors of the company. By order dated September 11, 1986, the company petition was ordered to be advertised and the order was duly complied with. On September 3, 1987, counsel for the petitioners admitted that the entire claim of the petitioners had been paid to them. On August 11, 1988, the counsel for the petitioners made a statement that he did not want to prosecute the petition on behalf of the petitioners since they had entered into a settlement and had received the entire amount due to them. C. A. No. 100 of 1987 in C. P. No. 85 of 1985 was moved by some of the creditors for substitution as petitioners. The application was allowed and counsel for the petitioners was directed to file an amended petition. It is the amended petition on behalf of the fresh creditors allowed to be substituted which is being disposed of.

(3.) IN the petition, it is stated that the petitioners deposited various amounts with the respondent-company against receipts details of which are as under : S. Name Receipt Rate No. No. and Amount of date deposite intere d Rs. st P. A. 1. Daulat 3500 12% Ram 003848/ 80 dt. 31-3-80 2. Smt. 2,500 12% Amrit 004041/ Kaur 80 dt. 25-11-8 0 3. Smt. 1,000 12% Promila 004018/ Saini 80 dt. 30-10-8 0