Case Law Details
1. This petition for winding up has been preferred by the company itself without referring to the relevant clause of Section 433 of the Companies Act, 1956 (‘the Act’ in short), however, in course of argument it was informed that the petition is under Section 433 (e) of the Act.
2. The petition, only in two pages, states that the nominal capital of the company is Rs.3.50 crores, divided into 35 lac shares of Rs. 10/- each having been constituted for carrying on the business of assemblers, importers, exporters, buyers, sellers, stockiest, distributors, suppliers, wholesale and retail dealers, repairers, storers, cleaners, warehousers, hirers, leasers and worker in motor cars, motor busses, mini busses, motor lorries, motor trucks, trolleys, motor cycles, tractors, vans, launches, boats, aeroplanes, hydro planes, helicopters and air crafts and other conveyances of all kinds and description suitable for propulsion of land, sea or the air or in any combination thereof whether propelled or assisted means of petrol, diesel, oil, spirit, gas, vapour, electricity, battery, solar energy, automatic energy, animal, manual labour or any other powers whatsoever and of engines, chassis, bodies, tools and implements, spare parts for or in connection with the above mentioned things.
3. It is mentioned in para 7 of the petition that the present petition is being filed as the company is unable to pay its statutory debts under the provisions of the Chhattisgarh Value Added Tax Act, 2005 (‘the VAT Act’ in short) amounting to Rs. 3,06,94,219/-.
4. In course of argument, learned counsel appearing for the petitioner company would submit that in view of demand of huge amount of tax, which is a debt, which the petitioner company is unable to pay, therefore, it has become commercially insolvent, therefore, the company is needed to be wound up.
5. On 18-11-2015 the petitioner has also filed two separate applications for stay of recovery of tax for the assessment period 2011-12 & 2012-13. In the first application it is averred that out of total demand of Rs. 1,68,06,577/- for the said periods the petitioner has already paid an amount of Rs. 75,65,998/-. Similar statement is made in the second application also.
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