RAM KUMAR Vs. HARYANA COTTON MILLS

JUDGEMENT

(1.) This petition under Sections 433(2), 434 and 439 of the Companies Act, 1956 (hereinafter referred to as the Act) was filed originally by 12 petitioners with a prayer that M/s Haryana Cotton Mills Private Limited, Simbawala Road, Tohana, Distt. Hisar (hereinafter referred to as the respondent Company) be ordered to be wound up as it is unable to pay its debts.

(2.) Learned Counsel appearing for the respondent Company sought time to file reply on 5.9.1997 and the case was adjourned to 10.10.1997. Reply was not filed and costs were imposed by the Court for this default. On 27.2.1998, the Court passed the following order:

(3.) Vide order dated 7.8.1998, the Court had directed the deletion of names of all the petitioners except petitioner No. 4. The arguments were heard on 24.12.1998. On behalf of the respondent Company only a short affidavit was filed wherein it was stated that all the petitioners except petitioner No. 4 have compromised with the respondent Company and had executed an agreement. Photocopy of the alleged agreement was placed on record. It was prayed that the petition be dismissed.