RANBAXY LABORATORIES LTD Vs. JERATH ELECTRONICS

JUDGEMENT

(1.) THIS is an application under Section 10 of the Code of Civil Procedure read with Section 442 of the Companies Act, 1956 for stay of proceedings in this suit.

(2.) ADMITTED facts of this case are that the plaintiff filed Company Petition No. 2 of 1999 under Sections 433, 434 and 439 of the Companies Act for winding up of the defendant. This winding up petition was contested and resisted by the latter. Finally on 5 1 2002, this Company Petition was dismissed when it was held by this Court that the dispute which the defendant has raised cannot be treated as fictitious and frivolous. It was further held that there appears to be sufficient justification in the claim of the defendant and that the disputes raised are bona fide. It was further not disputed on behalf of the parties to this suit that Company Appeal No. 1 of 2000 is pending in this court against the rejection of Coy. Petition No. 2 of 1999. In the aforesaid background present suit was filed on 16 5 2001 wherein this application has now been filed.

(3.) FACT of company petition, its dismissal and company appeal being there, was stated in para 12 of the plaint. For ready reference para 12 from the plaint, as well as from written statement and replication, respectively are extracted hereinbelow: