RAJESH JALAN Vs. PRESTIGE CITY DEVELOPERS PRIVATE LIMITED

JUDGEMENT

(1.) Instant Company Petition under Section 439 of the Companies Act, 1956 (for short, the 'Act of 1956') has been preferred by one Mr. Rajesh Jalan with regard to M/s Prestige City Developers Private Limited, A Company incorporated under the Act of 1956 as a Private Limited Company having its registered office at 1/SF, Kamal Complex, Panchbatti, M.I. Road, Jaipur.

(2.) As per the petition, the authorized share capital of the respondent-Company is Rs.1,75,00,000/- with equity shares of Rs.10/- which is the paid up capital of 17000000 equity shares. As per balance-sheet of the respondent-Company dated 31/03/2015, it had a total secured loan to the tune of Rs.2,96,84,530/- and unsecured loan as on 31/03/2014 at Rs.8,12,37,230/- which has been reduced to Rs.2,91,95,000/- as on 31/03/2015.

(3.) The petitioner Mr. Rajesh Jalan claims to have provided funds to the respondent-Company in the form of unsecured loan in the year 2005-06 with the condition that the financial assistance shall be repayable on demand and would carry interest. It is stated that for the period from 01/04/2009 to 31/03/2016, the petitioner had advanced substantial amount as unsecured loan. The details of the said amount as well as interest debited in respondent-Company's account together with the amount paid by cheque or by depositing TDS has been detailed out as under:-