Allowed

Hdfc Bank Ltd. v. M/S Zan Tools Pvt. Ltd.

Punjab & Haryana HC20 Sept 2018CP/48/2014

Case brief

AI extract

What is this about?

The High Court entertained a winding-up petition filed under the Companies Act, 1956 for non-payment of debts. Finding the debt undisputed as the respondent appeared with no opposition, the Court adjudged the company to be wound up and appointed the Provisional Liquidator as Liquidator.

What did the court decide?

The winding-up petition was allowed; the respondent company was wound up, and the Provisional Liquidator was appointed as Liquidator.

Hdfc Bank Ltd. Vs M/S Zan Tools Pvt. Ltd. — Insolvency and Bankruptcy | Punjab & Haryana HC (2018)

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IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH

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C.P. No. 48 of 2014 (O&M)

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Date of decision: 20 September, 2018

HDFC Bank Ltd.

.....PETITIONER

M/S Zan Tools Pvt. Ltd.

¶8

......RESPONDENT

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CORAM: HON'BLE MR.JUSTICE RAKESH KUMAR JAIN

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Present: Mr.Anand Chhibbar, Sr. Advocate with Mr.Vaibhav Sahni, Advocate for the petitioner.

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None for the respondent.

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RAKESH KUMAR JAIN, J

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The present petition is filed under Sections 433, 434 and 439 of the Companies Act, 1956 for winding up of the respondent company for non-payment of it debts.

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The detailed facts of the case have been enumerated in the order dated 10.08.2015 and after due consideration, the petition was ordered to be admitted and the Official Liquidator was appointed as Provisional Liquidator. The factum of admission was ordered to be published in the newspapers namely Indian Express' (English) and Jagbani' (Punjabi) both Punjab Editions and in the Official Gazette of Government of Punjab.

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The affidavit of publication was filed in the Court on 06.09.2016 and was taken on record. Since, no one has put in appearance on behalf of the respondent-company to contest the petition. Hence, this Court is inclined to accept the averments made by the petitioner as true and correct that debt is admitted and is not being disputed by the respondent company. Therefore, the respondent company deserves to be wound up. Ordered accordingly.

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VIVEK PAHWA 2018.09.25 14:52 I attest to the accuracy and integrity of this document

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The Provisional Liquidator appointed earlier is now appointed as Liquidator of the respondent company and he is directed to take charge of all the movable and immovable assets and records of the respondent company and proceed further in accordance with law.

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The winding up order be published in newspapers namely Indian Express' (English) and Jagbani' (Punjabi) both Punjab Editions and in the Official Gazette of Government of Punjab.

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The petition is disposed of.

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(RAKESH KUMAR JAIN) JUDGE

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20 September, 2018 vivek

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Whether speaking/reasoned Yes/No Whether reportable Yes/No

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VIVEK PAHWA 2018.09.25 14:52 I attest to the accuracy and integrity of this document

Hdfc Bank Ltd. v. M/S Zan Tools Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. M/S Zan Tools Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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