Winding up query

[Abhinav Agarwal]

Dear All,

Kindly share your immense knowledge in respect to below mentioned query :

Company A (a builder) had advance Rs.100.00 Lacs in the year 2009 to Company B, (a developer and town planner)  with a verbal understanding that to buy piece of land and develop township.  Similarly Company B has also taken advances from some other companies/individuals as well.  There was no written agreement except this bank transaction supported by bank certificate.  The piece of land was purchase in Company B name and amount received by them from others including Company A has been shown as booking advance in company B Balance Sheet.  They have uploaded Balance Sheets upto 31.03.2012 as on date. And practically the same position is going on since then till date without any  development or any share given to company A.

Company A want to recover that money through filing winding up petition.  Is it possible.

Kindly respond the course of action in this scenario asap.

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Thanks & Regards,

Abhinav Agarwal

(CS, LLB)

[Nagarajan V]

Dear Member

First write to the company get the confirmation of balance from them.

Then after few days write to the company demanding for the repayment of the said amount to you for your requirements.

In case if the company do not reply to this letter, then sent a demand notice like a letter under section 433 that to pay the said amount due within 21 days from the date of your letter and in case of failure you will proceed in the high Court for winding up 

Write letters to the company with REgd post A/D only.

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V.NAGARAJAN
COMPANY SECRETARY
Cell: 099401 11058
New No. 29 Kavarai Street, 
(Near AMR Kalyana Mandapam)
West Mambalam, Chennai 600 033.
Cell: 099401 11058
Ph: 044-4207 7125

It is better to wear out, than to rust out.

[Abhinav Agarwal]

Respected Member,

Thanks for the prompt reply bt if we consider the case of Jyothi ltd. v. Boving Fouress Ltd, then in this case it was held that winding up petition is not an alternative forum for enforcing recovery of debt nor is it legitimate means of enforcing payment of debts. 

Therefore winding up petition if presented with an intention of excercising pressure upon a company to pay a disputed debt will be dismissed.

So what will be the appropriate course of action now.