The High Court allowed the company petition to wind up Microqual Techno Ltd., finding the company commercially insolvent due to failure to pay statutory dues and discharge a consent order installments.
Winding up of Microqual Techno Ltd. under the Companies Act, 1956; appointment of Official Liquidator.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY PETITION NO. 76 OF 2014 WITH COMPANY APPLICATION (L) NO.63 OF 2016 IN COMPANY PETITION NO.76 OF 2014
Delta Power Solutions (India) Pvt. Ltd.
….. Petitioner
VERSUS
Microqual Techno Ltd.
..... Respondent
Mr. Siddarth Murarka for Applicant in CAL No.63/2016. Mr. Darshan Mehta I/b M/s. Dhruv Liladhar & Co. for petitioner. Mr. B. K.Rai I/b Hitesh Nagar for Respondent. Mr. Balkrishna Choudhary, Director of the Company present.
CORAM : K. R. SHRIRAM, J. DATED : 2 nd FEBRUARY, 2016.
P.C .
sold and supplied to the company power plant, solar solution panel, solar inverter, etc. as covered under 10 invoices. The total amount payable under these 10 invoices was Rs.79,86,116.03/-. The company paid a sum of Rs.20 lakhs and the balance of Rs.59,86,116.03/- was outstanding. The company had also issued two cheques for Rs.55,47,842/- which were dishonoured.
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of default and advertised in two local newspapers. The notice under Rule 28 of the Companies (Court) Rules, 1959 stood waived on behalf of the company.
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requested for some time to take instructions and therefore, the matter was stood over to today. Today, Mr.Balkrishna Choudhary, the Director of the Company is also present in Court and states that he is not in a position to make any payment. The Director of the Company further states that they have not filed the Annual Returns for the last four years.
Prayer (a) : That Microqual Techno Limited be ordered to be wound up by and under the directions of this Hon'ble Court under the provisions of the Companies Act, 1956.
Prayer (b) : That the Official Liquidator, High Court, Bombay be appointed as the Liquidator of the said Company with all powers under the Companies Act, 1956 .
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without waiting for any notification.
(K. R. SHRIRAM, J.)
1 issue framed by the court
Whether the court is satisfied that the company is unable to pay its debts and is commercially insolvent.
2 provisions across 2 enactments
Delta Power Solutions (India) Pvt. Ltd.
Microqual Techno Ltd.
K. R. SHRIRAM
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
