Allowed

Ultratech Cement Limited v. Kusuma Bhandary Construction Pvt. Ltd.

Bombay HC30 Oct 2014CP/509/2013

Case brief

AI extract

What is this about?

The High Court of Bombay, in a company insolvency petition, found the respondent company commercially insolvent due to dishonoured cheques and failure to appear. The petition for winding up was allowed, and an official liquidator was appointed.

What did the court decide?

The company petition is allowed; the respondent company must be wound up, and an official liquidator is appointed for the company.

Ultratech Cement Limited Vs Kusuma Bhandary… — Insolvency and Bankruptcy | Bombay HC (2014)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.509 OF 2013

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Ultratech Cement Limited … Petitioner

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versus

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Kusuma Bhandary Construction Pvt. Ltd. … Respondent

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Mr. Rohan Sawant with Ms. Nidhi Singh i/by M/s. India Law Alliance, for Petitioner.

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None for Respondent.

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CORAM: S.J. KATHAWALLA, J. DATE: 30^th OCTOBER, 2014

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P.C.:

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The above Company Petition was admitted by an order dated 06-08-

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2014 and directed to be advertised. Paragraph Nos.1 and 2 are relevant and

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reproduced hereunder :

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“ 1. At the request of the Petition, the above Company Petition has been adjourned from time to time since December 2013. Infact, on 11^th April, 2014, this Court (Coram : G.S.Patel, J.) passed the following order :

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“1. Learned Advocate for the Petitioners states that the Respondent Company has settled the Petitioners' claim by issuing four post-dated cheques, the last of which is dated 26^th June, 2014.

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2. List this Petition for admission on 2^nd July, 2014.

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2. The matter thereafter called out on 5^th August, 2014, when

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none appeared for the parties. Today, when the matter was

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called out, the learned Advocate appearing for the Petitioner states that two of the cheques issued by the Company have been dishonoured. None appear for the Respondent. Hence, the following order : …...........

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Pursuant to the said order, the Company Petition has been advertised and notice under Rule 28 of the Companies (Court) Rules, 1959, is also served on the Company. One of the cheques issued by the Company for an amount of Rs.3,89,556/- has been dishonoured. The Company has not come forward to pay the said amount despite being served with an intimation by the Petitioner that the same has been dishonoured. None appear for the Company. No Affidavit-in-Reply is filed on behalf of the Company to oppose the Company Petition. In the above circumstances, I am satisfied that the Company is unable to pay its debts. The Company is commercially insolvent and deserves to be wound up. The Company Petition is therefore, allowed in terms of prayer clauses (a) and (b), which are reproduced hereunder :

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“(a) that the Respondent Company Kusuma Bhandary Construction Pvt. Ltd., registered under the provisions of Companies Act, 1956, having its Registered office at 126/127 Pandurang Sadan, 10^th Road, near Madhu Park, Khar (W), Mumbai – 400 052 and another address at 2^nd Floor, Hotel Laxmi Mahal, Opposite Mischief Mall, K.S.Rao Road, Mangalore 575 001, be wound up by and under the orders

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and directions of this Hon'ble Court and the Official Liquidator attached to this Hon'ble Court be appointed Liquidator of the Respondent Company with all its assets, business, affairs, books of account, paper, bank books, vouchers, files, etc., with all powers under the provisions of the Companies Act, 1956;

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(b) that the Official Liquidator attached to this Hon'ble Court be appointed as Liquidator or some other fit and proper person be appointed the provisional Liquidator of the Respondent Company together with all powers to take charge of all its assets, business, affairs, books of accounts, papers, bank books, vouchers, files, documents, etc., with all powers under the provisions of the Companies Act, 1956”;

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The official Liquidator shall act on a copy of this order without waiting for any Notification.

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The Company Petition is accordingly disposed of.

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( S.J.KATHAWALLA, J. )

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Ultratech Cement Limited v. Kusuma Bhandary Construction Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Ultratech Cement Limited v. Kusuma Bhandary Construction Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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