Elecon Engineering Company Limited filed a company petition seeking the winding up of M/s Inox Wind Limited & Anr. The petition was based on the grounds that the respondent company failed to pay an outstanding amount of Rs. 3,25,78,000/- towards the supply of gear box materials and a refundable security deposit. The respondent moved an application under Section 434(1)(c) of the Companies Act to transfer the case to the NCLT at Chandigarh, which was allowed by the Company Judge. The appellant challenged this order, arguing that the transfer was not judicious and relied on a Supreme Court judgment in Action Ispat and Power Pvt. Ltd. vs. Shyam Metalics and Energy Limited.
Elecon Engineering Company Limited (the Petitioner) sought the winding up of M/s Inox Wind Limited & Anr. (the Respondent) due to the Respondent's failure to pay an outstanding amount of Rs. 3,25,78,000/-. This amount included Rs. 1,41,78,000/- for the supply of gear box materials and Rs. 1,84,00,000/- towards a Refundable Security Deposit. The Petitioner alleged that the Respondent had become commercially insolvent. During the pendency of the winding-up petition, the Respondent applied under Section 434(1)(c) of the Companies Act to transfer the case to the NCLT at Chandigarh. The Company Judge allowed this transfer, leading the Petitioner to file an appeal. The Petitioner argued that the transfer was not judicious and relied on the Supreme Court judgment in
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Elecon Engineering Company Limited filed a company petition seeking the winding up of M/s Inox Wind Limited & Anr. The petition was based on the grounds that the respondent company failed to pay an outstanding amount of Rs. 3,25,78,000/- towards the supply of gear box materials and a refundable security deposit. The respondent moved an application under Section 434(1)(c) of the Companies Act to transfer the case to the NCLT at Chandigarh, which was allowed by the Company Judge. The appellant challenged this order, arguing that the transfer was not judicious and relied on a Supreme Court judgment in Action Ispat and Power Pvt. Ltd. vs. Shyam Metalics and Energy Limited.
Elecon Engineering Company Limited (the Petitioner) sought the winding up of M/s Inox Wind Limited & Anr. (the Respondent) due to the Respondent's failure to pay an outstanding amount of Rs. 3,25,78,000/-. This amount included Rs. 1,41,78,000/- for the supply of gear box materials and Rs. 1,84,00,000/- towards a Refundable Security Deposit. The Petitioner alleged that the Respondent had become commercially insolvent. During the pendency of the winding-up petition, the Respondent applied under Section 434(1)(c) of the Companies Act to transfer the case to the NCLT at Chandigarh. The Company Judge allowed this transfer, leading the Petitioner to file an appeal. The Petitioner argued that the transfer was not judicious and relied on the Supreme Court judgment in
…The Company Judge passed an order to…
The date on wh…