The single-judge bench dismissed the company winding-up petition, holding that a petitioner cannot invoke winding up laws based on financial constraints for basic publication expenses.
The company petition is dismissed.
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 DELHI AT NEW DELHI
Date of decision: 2nd November, 2018
versus
KASSA FINVEST PVT. LTD. ..... Respondent Through: Mr. Rohit Oberoi, Adv. for R-1 Mr. Rachit Devgun, Adv. for SEBI
CORAM:
HON'BLE MR. JUSTICE C.HARI SHANKAR
ORDER (ORAL) % 02.11.2018
1. Mr. S. Dutta appears on behalf of the petitioner and submits that his client is not in a position to deposit the amount of ₹ 75,000/- with the Official Liquidator, so as to enable the Official Liquidator to proceed with the matter in terms of the order passed by this Court on 12th July, 2018.
2. A petitioner cannot be permitted to set the winding up law in motion by filing a petition for winding up a company and, thereafter, plead financial constraints, even for submission of the basic payment for enabling publication, pursuant to the appointment of Provisional Liquidator.
CO.PET. 122/2015
Page 1 of 2
3. In the circumstances, it is obvious that these proceedings cannot continue.
4. The company petition is, therefore, dismissed.
C.HARI SHANKAR, J.
NOVEMBER 2, 2018 dsn
CO.PET. 122/2015
Page 2 of 2
1 issue framed by the court
Whether a petitioner claiming inability to deposit liquidation fees can be permitted to proceed with company winding up proceedings.
S.K. Chopra
Kassa Finvest Pvt. Ltd.
C. Hari Shankar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
