Court : Kolkata
Reported in : 114CompCas193(Cal),47SCL821(Cal)
..... principle in the present case we are of the view that the appellant was seeking enforcement of its legal right to get an order of winding up of a company from the provisions of section 433 of the companies act. in the case of haldiram bhujiawala, : 1scr1247 of the said decision at page 1293 after discussing the decision of the supreme court ..... ; or (b) voluntary ; or (c) subject to the supervision of the court. 7. sub-section (2) of section 425 clearly says that provisions of the companies act with respect to winding up apply, unless the contrary appears, to the winding up of a company in any of the aforesaid modes. from a plain reading of the aforesaid provisions as made in section 425 of the ..... petitioning creditor/appellant.4. before us, mr. basak, learned counsel appearing for the respondent, submitted that in view of section 69(2) of the partnership act, 1932, the application for winding up of the company filed by the petitioning creditor which is an unregistered partnership firm was not maintainable in law. in support of this contention mr. basak relied on a single ..... solvent or insolvent. whatever right has been conferred on the court to wind up a company under the companies act would only be exercised as a statutory right conferred under the companies act. in our view in a winding up petition the lis is not merely between the petitioning creditor and the company sought to be wound up. once the petition is admitted, creditors contributories, shareholders etc. seek redress .....Tag this Judgment!
Court : Karnataka
Reported in : 1999(4)KarLJ322
..... the members among themselves; or (c) the costs, charges and expenses of winding up the company. no suit or other legal proceeding can proceed where an order is made for the winding up of an unregistered company.9. part vii of the act deals with the winding up of the companies. section 425 provides that the winding up of a company may be either by the court or voluntary or subject to the ..... declaration that the firm stood dissolved from january 9, 1974. this is not a relief that can be claimed in a proceeding under part x of the companies act which provides for the winding up of unregistered companies. however, it is not necessary to consider whether the civil judge had jurisdiction to entertain some of the claims made in the suit, because section 590 of ..... supervision of the court. winding up has been held to be a means by which the dissolution of ..... clause between the parties, even if it was presumed that there existed an arbitration clause in the partnership deed. in application filed for winding up of the company under the act, it cannot be said that the relief claimed for winding up of the company had arisen out of or under the contract so as to refer to the arbitration under section 34 of the arbitration .....Tag this Judgment!
Court : Kolkata
..... ) ltd. this court has held that if the debt is bona fide disputed and the defence is a substantial one, the court will not wind up the company. the principles on which the court acts are: (i) that the defence of the company is in good faith and one of substance; (ii) the defence is likely to succeed in point of law; and (iii) the ..... recover the suit claim (as claimed in six suits) first elected to approach the company judge by initiating a proceedings under sections 433, 434 and 439 of the companies act, inter alia, praying for winding up of the company. after giving notice to the appellants/defendants under section 433 of the companies act the company judge dismissed all the six petitions on common ground. 21 the learned single judge ..... . in august, 2004 the plaintiffs filed six petitions under sections 433, 434 and 439 of the companies act, 1956 inter alia, praying for winding up of the company against defendant and their associate companies. 15 by a judgment and order dated 18th january, 2006 the plaintiff's petition for winding up was dismissed and appeal preferred against the order of dismissal by the plaintiff and other five appeals ..... bona fide disputed, there cannot be "neglect to pay" within the meaning of section 433(1)(a) of the companies act, 1956. if there is no neglect, the deeming provision does not come into play and the winding up on the ground that the company is unable to pay its debts is not substantiated.thirdly, a debt about the liability to pay which at the .....Tag this Judgment!
Court : Delhi
Reported in : 144CompCas556(Delhi); 2007(99)DRJ589
..... sent by the claimant to the defaulter before he could take resort to filing a petition under the companies act for winding up of the company. claim in respect of balance 50% was not made subject matter of the notice and in fact no invoice was ever raised claiming the balance 50% amount mentioned ..... was paid by the respondent to the appellant on 10th july, 1997. the appellant herein sent a notice to the respondent as envisaged under section 434 of the companies act for winding up of the respondent company for non-payment of the balance 50% payable on receipt of advance payment i.e. rs.18,50,000/-. the said notice is a mandatory notice to be ..... respondent company on the ground that it is indebted to the ..... the learned company judge dismissing the company petition filed by the appellant herein under sections 433, 434 and 439 of the companies act on the allegation that an amount of rs.18,75,000/- is due and payable from the respondent company, which has not been paid despite service of notice. 2. the aforesaid petition was filed before the learned company judge praying for winding up of the .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2004(3)ALD879; 2004(5)ALT155; (2005)3CompLJ51(AP); 56SCL566(AP)
..... insolvency. in an application under section 391 or section 390 - 394 of the companies act, the court may pass an order of winding up under section 433 of the companies act, if the scheme is not found to be workable. likewise, in a company application for winding up under section 433 of the companies act, the court may entertain an application for the scheme for amalgamation or arrangement with ..... of chapter v of part vi have to be read with the provisions of part vii of the companies act, which deal with the winding up of the company.29. it is long well settled that a scheme proposed under section 391 of the companies act is an alternative to winding up. in re london chartered bank of australia, (1893) 3 ch 540, see also the judgments ..... necessary for conducting such an enquiry.2. section 391 of the companies act, is a better alternative to winding up, and this court while exercising power under section 391 can, if the circumstances so warrant, pass orders for revival/ reconstruction of the companies instead of ordering winding up.3. under section 391 of the companies act, the court is empowered to pass any interlocutory order, either for ..... workable scheme infusing life into a sick unit is generally to be preferred to civil death of the company.31. it is required to be kept in mind that, even where an application for winding up is filed under section 433 of the companies act and when there is no arrangement with the creditors or a scheme for amalgamation or reconstruction, the court .....Tag this Judgment!
Court : Allahabad
Reported in : 13ITR480(All)
..... country or the law for the time being in force.'we do not purpose to embark on the entertaining question whether the jurisdiction exercised by the high court in winding-up under the indian companies act, 1913, is 'original' jurisdiction within the meaning of this section, because we think that this demurrer can be better disposed of on other grounds.mr. pathak relies on ..... to subject to prerogatives of the crown, in the matter of preferential payment in any competition with the subject, to the general statutory scheme introduced by the companies act for the distribution of assets in a winding-up. to carry this to its logical conclusion, it is, we think, a necessary implication that the intention of the legislature is that the crown shall conform ..... clear, that the assessment of the 25th february, 1943, does not constitute a preferential debt within the meaning of section 230 of the indian companies act, 1913, since it was not 'due from the company' at the date of the winding-up order [section 230 (5)].this brings us to the last and, in our view, probably the most difficult point in the case. it ..... the true intent and meaning of the clause....' the words of section 171 of the indian companies act are quite different, and, moreover, there is no such guiding context in the married womens property act, 1893, as is to be found in the winding up scheme of the indian companies act pointing to the principle of pari passu distribution unless expressly otherwise provided.in our judgment therefore .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR2007SC3079; IV(2007)BC491(SC); 2008(2)BomCR344; 2007BusLR1(SC); 139CompCas418(SC); JT2007(10)SC389; (2008)149PLR408; 2007(10)SCALE298; (2007)7SCC753; 78SCL48
..... proposal also satisfies the element of public interest and commercial morality, the elements required to be satisfied for the court to stop the winding up proceeding in terms of section 466 of the act. in the present case, the company court was of the view that the compromise or arrangement that is put forward by the somanis in conjunction with lbpl was not a ..... the company from the date of that order. this puts an end to the winding up process. winding up is dealt with in part vii of the companies act and sections 433 to 483 occur in chapter ii of ..... go on and the court has to finally pass an order under section 481 of the act dissolving the company. in other words, when the affairs of the company had been completely wound up or the court finds that the official liquidator cannot proceed with the winding up of the company for want of funds or for any other reason, the court can make an order dissolving ..... an application c.p. no. 642 of 1983 under section 433 of the companies act, for the winding up of the company. by order dated 25.7.1984, scml was ordered to be wound up by the company court. the official liquidator took charge of the affairs of the company.3. nothing significant seems to have happened for a decade. then, on a report of the official liquidator .....Tag this Judgment!
Court : Mumbai
Reported in : (1946)48BOMLR483
..... as the court having jurisdiction under the indian companies act to wind up the respondent company, had jurisdiction to interfere by injunction or otherwise to prevent the completion of the collection of the arrears of land revenue. were it not for the provisions of section ..... the collection of the arrears of income-tax as arrears of land revenue into motion, the appellant should have applied in the liquidation under section 171 of the companies act for leave of the winding up court.11. that leaves the question whether, inasmuch as the appellant moved under section 46(2) without prior leave of the court, the high court at allahabad, ..... , only authorises the court to restrain proceedings, 'at any time after the presentation of the petition for winding up a company under this act, and before making an order for winding up the company.' in view of the fact that the winding up order had already been made, no injunction in this case could be granted under section 169. no formal objection, however, was taken in regard to ..... facts of this case and available and appropriate for the collection of arrears of income-tax due from the respondent company, whether it be in liquidation or not; (b) that the powers of the court in a winding up under the indian companies act to control, restrain or interfere with claims or actions or remedies of creditors are very limited and are confined to .....Tag this Judgment!
Court : Mumbai
Reported in : 109CompCas311(Bom)
..... pay the same it does not mean that the present proceedings are initiated by the bank for recovery of the amount. the jurisdiction of the companies act is to order winding up of a company which is unable to pay its debts and the court has to exercise its jurisdiction under just and equitable circumstances.7. in the present case the defences raised by ..... j.1. the petitioner is a co-operative bank registered under the maharashtra co-operative societies act, 1960. it has prayed for an order under sections 433, 434 and 439 of the companies act, 1956, to wind up the respondent-company alleging failure on the part of the respondent-company to pay the debt of the petitioner to the tune of rs. 36,90,609.30 ..... 91 bars all other proceedings under any law which are contemplated under section 91 of the maharashtra co-operative societies act. (b) the petitioner-bank having filed a recovery suit, under section 101 of the maharashtra co-operative societies act, the company petition for winding up amounts to a pressurising tactics and therefore, it should not be entertained. (c) there was no agreement between ..... thecreditors. according to shri shah the provisions of section 91 of the said act do not exclude or override the provisions of the companies act, 1956 and that the petitioner can independently maintain a winding up petition under section 439 of the companies act.5. shri r.c. shah, learned advocate for the company has raised the following points of the defences :(a) under section 91 of .....Tag this Judgment!
Court : Delhi
Reported in : 55CompCas187(Delhi); 145ITR520(Delhi)
..... there is dispute regarding eviction or recovery of rent proceedings with regard to the public premises it is a special act so far as companies other then winding up are concerned, but will be general, if the company is under winding up where the special act would be the companies act on the analogy of : 57itr331(sc) (supra.). it is true that in case the public premises were occupied ..... sale had taken place without the leave of the court for recovery of any tax the same will not be deemed to be void. but the moment winding up order is passed section 446 of the companies act will become applicable, and no proceedings shall be continued or commenced except by leave of the court. the only effect of sub-section (2) of section ..... that before forwarding the requisite certificate to the collector for recovering arrears of income-tax the government should have applied in liquidation under section 171 of companies act for leave of the winding up court. (13) in : 57itr331(sc) the union of india and another v. india fisheries private ltd., bombay, the action of the income tax department in seeking to set off ..... view of bombay high court was followed in (1977) 47 comp. cas 30 star engineering works ltd. v. official liquidator of the krishnakumar mills company ltd. (in liquidation) and others. (5) dealing with winding-up provisions of english companies act, 1862 the object was stated to put all unsecured creditors upon an equality, and to pay them pari passu. a landlord who has not put .....Tag this Judgment!