Ultratech Cement Ltd vs Brys International Pvt. Ltd

Yogesh Khanna, J

On 07.10.2016 none appeared on behalf of the respondent despite service of notice and even no affidavit of the Managing Director in terms of

order dated 02.05.2016 was filed. In the interest of justice, adverse orders were deferred and status quo qua the disposal of company’s property

was given. On 11.04.2017 the counsel for the respondent appeared and prayed for some time to file Vakalatnama, the reply to petition and the

affidavit of Managing Director, as directed. Today no one has appeared on behalf of the respondent. Neither vakalatnama/reply is filed nor the

Managing Director of respondent is present. Hence I proceed to hear the petition.

It is the case of the petitioner that the respondent company through its directors had approached them at its office for the supply of UltraTech

Concrete and its pumping order at its site at Noida. Pursuant to the orders placed by the respondent company, petitioner supplied total material

weighing 4813.99 CUM and services as per requirement of the respondent company time to time for a total amount of Rs.3,48,26,550.04/-. Out of the

above amount, payment of Rs. 2,45,44,786/- was made by the respondent company time to time and credit notes of Rs. 3,54,664/- were also issued

during the period commencing from 01.04.2014 to 02.01.2016 leaving an outstanding amount of Rs. 99,27,100.04/-.

Between the year 2014-16 pursuant to the orders placed by the respondent company for purchase and pumping of Ultratech Concrete; petitioner

duly sold, supplied and delivered to the respondent company a total of 6497.5 CUM of concrete during the financial year 2014 -15 and 2015-16.

In the year 2015 the respondent company through its directors in discharge of its part liability towards the outstanding amount issued various

cheque's from time to time in favour of the petitioner, which when presented for encashment, were dishonored. The petitioner and respondent were

also maintaining a mutual running ledger account and the respondent company vide endorsement/affixing its seal on such ledger accounts had duly

admitted and acknowledged its liability to pay the dues of Rs.99,27,100.04/- payable as on 19-05-2015.

On 17.02.2016 a statutory notice was issued but the respondent neither paid the money nor gave reply to the said notice.

A copy of the ledgers is filed as Annexure P-8 (colly) and it bear the stamp of the respondent company with signatures of its authorized

representative. As per the ledgers an amount of Rs. 99,27,100.04/- is lying outstanding against the respondent as on 19.05.2015. Besides

acknowledgement in ledgers, the respondent company issued three cheques for the same amount which too were also dishonoured, copies whereof is

Annexure P7.

Thus, considering the fact that neither any reply to the petition is filed on record nor affidavit of Managing Director is filed and neither he is present

today coupled with the fact the company had neglected to pay the just dues of the petitioner without reasonable cause or excuse, hence there is no

reason as to why the company petition be not admitted. For the reasons aforesaid the company petition stands admitted.

The Official Liquidator attached to this Court is appointed as the Provisional Liquidator. He is directed to take over all the assets, books of accounts

and records of the respondent-company forthwith. The citations be published in the Delhi editions of the newspapers ‘Statesman’ (English) and

‘Veer Arjun’ (Hindi), as well as in the Delhi Gazette, at least 14 days prior to the next date of hearing. The cost of publication is to be borne by

the petitioner who shall deposit a sum of Rs.75,000/- with the Official Liquidator within 2 weeks, subject to any further amounts that may be called for

by the liquidator for this purpose, if required. The Official Liquidator shall also endeavour to prepare a complete inventory of all the assets of the

respondent-company when the same are taken over; and the premises in which they are kept shall be sealed by him. At the same time, he may also

seek the assistance of a valuer to value all assets to facilitate the process of winding up. It will also be open to the Official Liquidator to seek police

help in the discharge of his duties, if he considers it appropriate to do so. The Official Liquidator to take all further steps that may be necessary in this

regard to protect the premises and assets of the respondent-company.

In addition, the directors of the respondent-company shall file their statement of affairs within 21 days from today before the Provisional Liquidator.

It is made clear that in the event the said statement of affairs is not so filed within the specified time, the concerned Directors, including the Managing

Director of the respondent-company, shall remain personally present in Court on the next date of hearing, in order to enable this Court to examine

them, if required, on that date.

Respondent company is directed to file an affidavit before the Provisional Liquidator hereby appointed, within 2 weeks from today, furnishing the

following details:-

(i) The names and address of the Managing Director and Directors of the respondent-company.

(ii) Latest address of the registered office and corporate office of the Respondent Company.

(iii) The location of the books of accounts of the respondent-company.

(iv) The details of the movable and immovable assets of the company and the details of the Bank account operated in the name of the respondent

company and statement of account thereof.

The respondent-company, as well its directors, are restrained from alienating, encumbering, or otherwise parting with possession of the assets of

the respondent-company without the leave of this Court. The Official Liquidator shall file a compliance report before the next date of hearing.

A copy of the petition along with annexures be supplied to the Official Liquidator.

As the company petition is admitted, in view of above order CA No. 1568/2016 stands disposed of.

CO.PET. 359/2016

List on 15.03.2018.