CL: Winding up petition wasn't maintainable when debt was seriously disputed by respondent-Company
■■■
[2015] 55 taxmann.com 121 (Andhra Pradesh)
HIGH COURT OF ANDHRA PRADESH
Ajit Exports
v.
MBS Impex (P.) Ltd.
C.V. NAGARJUNA REDDY, J.
C.P. NO. 180 OF 2011
FEBRUARY 12, 2014
Section 271 of the Companies Act, 2013/ Section 433, read with section 434 of the Companies Act, 1956 - Winding up - Circumstances in which a company may be wound up - Petitioner manufactured jewellery at request of respondent and exported same to customer based on memorandum of understanding between parties - Petitioner contended that it had manufactured jewellery out of its own gold - However, respondent conteneded that jewellery was manufactured from gold supplied by it - Memorandum of understanding was bereft of essential terms such as quantity of jewellery that was agreed to be exported and whether jewellery had to be manufactured from out of gold supplied by respondent or out of petitioner's own gold - Whether in absence of a clear understanding between parties stipulating that petitioner will manufacture jewellery from out of its own gold or at least any contemporaneous correspondence between parties unequivocally proving claim of petitioner, Court could not have held that denial of debt by respondent was not bona fide - Held, yes - Whether since debt claimed by petitioner was seriously disputed by respondent company, winding up petition was not to be admitted - Held, yes [Paras 6 & 8]
V.S. Raju for the Petitioner. S. Ravi, Senior Counsel and J. Prabhakar for the Respondent.
■■■
[2015] 55 taxmann.com 121 (Andhra Pradesh)
HIGH COURT OF ANDHRA PRADESH
Ajit Exports
v.
MBS Impex (P.) Ltd.
C.V. NAGARJUNA REDDY, J.
C.P. NO. 180 OF 2011
FEBRUARY 12, 2014
Section 271 of the Companies Act, 2013/ Section 433, read with section 434 of the Companies Act, 1956 - Winding up - Circumstances in which a company may be wound up - Petitioner manufactured jewellery at request of respondent and exported same to customer based on memorandum of understanding between parties - Petitioner contended that it had manufactured jewellery out of its own gold - However, respondent conteneded that jewellery was manufactured from gold supplied by it - Memorandum of understanding was bereft of essential terms such as quantity of jewellery that was agreed to be exported and whether jewellery had to be manufactured from out of gold supplied by respondent or out of petitioner's own gold - Whether in absence of a clear understanding between parties stipulating that petitioner will manufacture jewellery from out of its own gold or at least any contemporaneous correspondence between parties unequivocally proving claim of petitioner, Court could not have held that denial of debt by respondent was not bona fide - Held, yes - Whether since debt claimed by petitioner was seriously disputed by respondent company, winding up petition was not to be admitted - Held, yes [Paras 6 & 8]
V.S. Raju for the Petitioner. S. Ravi, Senior Counsel and J. Prabhakar for the Respondent.
No comments:
Post a Comment