Petition for Winding-up of a Company

Petition for Winding-up of a Company

Company Petition No. ……………………… of 1999

In the High Court at Calcutta

Original Jurisdiction

Sheweth:

1. The address of your petitioner for the purpose of service of notices, processes etc. is that of its Advocate-on-Record M/s EF & Co. having its office at ………………… Calcutta 700 001.

2. X Co. Ltd. (hereinafter referred to as the said company) was incorporated on 5th March 1982 under the Companies Act 1956.

3. The registered office of the company is at …………………… Calcutta within the said jurisdiction.

4. The authorised, issued subscribed and paid-up capital of the company is Rs. ……………… divided into ……………… equity shares of Rs. 10 each.

5. The main objects for which the company was formed and incorporated are contained in the Memorandum of Association of the company and include mainly trading business in all commodities and articles.

6. On or about ………………… at the request of the company your petitioners sold and delivered goods of certain quantity, at an agreed price. The company accepted the goods and appropriated the same.

7. Your petitioner submitted bills which were duly accepted and never disputed by the company.

8. The company paid a sum of Rs. 10,000 by way of part payment and promised to pay the balance of Rs. 90,000 within a month. This period has expired on 30th March 1998.

9. In spite of demand the company has failed to pay the said Rs. 90,000 or any part thereof and deferred payment thereof on some pretext or the other. By its letter dated ………………… the company requested for six months’ time to pay the balance amount of Rs. 90,000. A copy of letter is annexed hereto. The company has not paid any further amount in spite of the said promise.

10. Your petitioner through its Advocate on Record issued a notice to the company demanding payment of Rs. 90,000 with interest at 18% per annum from the due date of payment till realisation. Such rate of interest is a part of the agreement, which will appear from the bills of your petitioner copies whereof are annexed hereto.

11. More than three weeks have passed but the company has not yet replied to the notice nor paid any portion to your petitioner.

12. The petitioner claims a sum of Rs. 90,000 with interest amounting to a sum of Rs. 5,000 aggregating to Rs. 95,000.

13. The company has failed and neglected and refused to pay the said sum of Rs. 95,000 or any portion thereof.

14. The company is unable to pay its creditors, its liability far exceeds its present and probable assets. It is commercially insolvent. In the premises it is just, fit and equitable that the company should be and be wound up under the provisions of the Companies Act 1956.

15. This application is made bona fide, in the interest of justice, and the balance of convenience is also in favour of passing the Orders prayed for herein.

The petitioner therefore humbly prays Your Lordships for the following Orders:

(a)  X Co. Ltd. be wound up under the provisions of the Companies Act 1956;

(b) Official Liquidator be appointed as Liquidator of the company to take possession of the assets, properties, books and records of the company forthwith;

(c) Further Orders be made and directions be given as to this Hon’ble Court may deem fit and proper.

And Your petitioner as in duty bound shall ever pray.

Date:                                                                                      Sd/- AB

Place:                                                                                  (EF & Co.)

Advocates for the petitioner

(Same Cause Title)

Affidavit verifying the petition

I, AB residing at …………… Calcutta do hereby solemnly affirm and say as follows:

1. That I am one of the creditors of the company. I know and I have made myself acquainted with the facts and circumstances of this case and I am able to depose thereto.

2. The statements contained in paragraphs 1 to 10 of the petition herein now shown to me and marked with the letter “X” are true to my knowledge and those contained in paragraphs 11 to 13 hereof are based on information derived from records in my possession, and believed by me to be true and correct and those contained in paragraphs 14 and 15 hereof are my humble submissions to this Hon’ble Court.

3. The statements contained in the foregoing paragraphs of this Affidavit are true to my knowledge.

Solemnly affirmed by the said AB

at the Court House in Calcutta                                                     AB

on this ………… day of ……… 2000                                         (Signature)

Before me

Commissioner

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