B A GOVINDRAJ Vs. UMANG BOARDS PVT LTD

JUDGEMENT

(1.) THE petitioner, a technical consultant, has approached this court with the following prayer:- (i) THE respondent company Umang Boards Pvt. Ltd. , be wound up by the court under the provisions of the Company Act, 1956. (ii) A liquidator be appointed to take over the charge of the Company. (iii) Payment of Rs. 11,00,000/- along with interest @ 18% p. a. from August, 2002 be made to the petitioner.

(2.) UPON failure to honour the consultation fee the petitioner gave a statutory notice to the respondent company (for short `company') under section 434 of the Companies Act, 1956 (for short `the Act'), demanding due payment towards principal amount with interest but the respondent company failed to make payment within statutory period, as a result of which the petitioner was led to file instant company petition for winding up under Section 439 with 433 (e) of the Act.

(3.) THE circumstances under which the court is justified in ordering winding up of the company have been considered by the Hon'ble Supreme Court in various decisions.