Aditya Kandula Reddy, Vs M/s Square Feet Constructions Private Limited

THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN

COMPANY PETITION No. 131 OF 2011

ORDER:

This Company Petition is filed, under Sections 433 (e), 434(1)(a) and 439 of the Companies Act (the Act), seeking winding up of the respondent company.

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The petitioners (three in number) seek winding up of the respondent-Company on the ground that, despite a statutory notice being issued under Section 434(1)(a) of the Act demanding payment of a sum of Rs.64.00 lakhs, along with interest at 18% p.a., the said amount was not paid within three weeks from the date of service of the notice.

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A counter affidavit is filed by the respondent wherein the debt claimed by the petitioner is disputed in part. According to the respondent, only Rs.21,75,000/- was due from them to the petitioners. A pay order drawn on HDFC bank (No.000167 dated 07.09.2012) made in favour of the third petitioner, and styled as “Manager’s Cheque”, has been handed over to Sri Prabhakar Sripada, Learned Counsel for the petitioners, by Sri A.Kranthi Kumar Reddy, Learned Counsel for the respondent, in the Court today. As the differential amount of Rs.42.25 lakhs is under dispute, it would be wholly inappropriate for this Court to make a detailed enquiry of these issues in summary proceedings under Section 433 (e) of the Act.

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Sri Prabhakar Sripada, Learned Counsel for the petitioner, would submit that these questions be left open for examination in an appropriate Civil Suit, if any, to be filed by the petitioners. It is made clear that this Court has not examined either the validity of the petitioners claim, or the respondent’s contention disputing their

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liability, as all these questions are better examined in civil proceedings before the competent Civil Court.

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Subject to the observations made hereinabove, the Company Petition stands dismissed.

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RAMESH RANGANATHAN,J

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Date:07.09.2012 usd

Aditya Kandula Reddy, v. M/s Square Feet Constructions Private Limited

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Aditya Kandula Reddy, v. M/s Square Feet Constructions Private Limited

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