Vs
Case brief
What is this about?
Winding up petition by a foreign creditor holding an enforceable foreign award for unpaid supply consideration. The court held a decree holder does not cease to be a creditor and may seek winding up instead of execution, found the respondent's cross-claim under a separate contract not bona fide, and admitted the petition.
What did the court decide?
Company petition admitted; Official Liquidator appointed Provisional Liquidator to take charge of assets; directions for notice, publication in newspapers and Gazette, statement of affairs, and deposi
What the court decided
1
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATE OF RESERVATION :31.03.2015
DATE OF PRONOUNCEMENT: 30.04.2015
CORAM:
THE HONOURABLE MR.JUSTICE R.MAHADEVAN
CP.No.350/2014
SIMS Metal Management Limited Sir Joseph Banks Corporate Park Suite 3, Level 2, 32 Lord Street, Botany New South Wales 2019, Australia Petitioner
Vs
Sabari Exim Private Limited Trade Centre, 2nd Floor, 114 & 115, Wallajah Road, Chennai-2 Respondents
Prayer:- This Company Petition is filed under Section 433 (e) read with 434(1)(a) and Section 439(1) of the Companies Act, 1956, for the relief, as stated therein.
For Petitioner :Mr.J.Sivanandaraaj and
Issues for consideration
2 issues framed by the court
Whether a creditor holding a foreign award declared enforceable can maintain a winding up petition instead of filing an execution petition.
Whether the respondent's claim under a separate contract is a bona fide and substantial dispute that defeats the deeming provision as to inability to pay debts.
Parties & counsel
- petitioner
SIMS Metal Management Limited
- respondent
Sabari Exim Private Limited
Coram
R.Mahadevan
Case details
As recorded by the court registry
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