{"id":201120,"date":"2011-04-04T00:00:00","date_gmt":"2011-04-03T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/aegis-vs-zenet-on-4-april-2011"},"modified":"2016-07-12T01:37:08","modified_gmt":"2016-07-11T20:07:08","slug":"aegis-vs-zenet-on-4-april-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/aegis-vs-zenet-on-4-april-2011","title":{"rendered":"Aegis vs Zenet on 4 April, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Aegis vs Zenet on 4 April, 2011<\/div>\n<div class=\"doc_author\">Author: Anant S. Dave,&amp;Nbsp;<\/div>\n<pre>   Gujarat High Court Case Information System \n\n  \n  \n    \n\n \n \n    \t      \n         \n\t    \n\t\t   Print\n\t\t\t\t          \n\n  \n\n\n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nCOMP\/33\/2009\t 3\/ 3\tORDER \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nCOMPANY\nPETITION No. 33 of 2009\n \n\n \n=========================================================\n\n\n \n\nAEGIS\nHEALTHCARE PRIVATE LIMITED - Petitioner(s)\n \n\nVersus\n \n\nZENET\nSOFTWARE LTD - Respondent(s)\n \n\n=========================================================\nAppearance : \nMR\nSUDHIR M MEHTA for\nPetitioner(s) : 1,MS SHAILEE S MEHTA for Petitioner(s) : 1, \nMR\nNITIN K MEHTA for Respondent(s) :\n1, \n=========================================================\n\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\nCORAM\n\t\t\t: \n\t\t\t\n\t\t\n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMR.JUSTICE ANANT S. DAVE\n\t\t\n\t\n\n \n\nDate\n: 04\/04\/2011 \n\n \n\n \n \n\n\n \n\nORAL\nORDER<\/pre>\n<p>\tHeard<br \/>\n\tlearned counsels for the parties.\n<\/p>\n<p>This<br \/>\n\tpetition is filed by the petitioner under the provisions of Sections<br \/>\n\t433 and 434 of Companies Act, 1956 with a prayer to order winding up<br \/>\n\tof respondent Company namely Zenat Software Ltd.<br \/>\n\t It is the case of the<br \/>\n\tpetitioner that the petitioner has given the<br \/>\n\tfinancial facility [loan] of Rs. 1,00,00,000\/- on 10.11.2008 on<br \/>\n\tcondition of charge of interest of Rs. 1,00,000\/-  for  21 days and<br \/>\n\tto repay the principal amount along with the interest on 30.11.2008,<br \/>\n\tby the Cheque No. 738924, drawn on Bank<br \/>\n\tof Maharastra, Bhadra Branch, Ahmedabad by dated 10.11.2008 which<br \/>\n\tthe respondent company have deposited and encashed which is not<br \/>\n\tdisputed.\n<\/p>\n<p>The petitioner states and submits<br \/>\n\tthat on the basis of the appropriation \/ adjustment of the amounts,<br \/>\n\tthe total amount due and payable by the Company as on 21\/01\/2009 is<br \/>\n\tRs. 1,03,51,613\/-  [Principal Amount of Rs. 1,00,00,000\/- and total<br \/>\n\tinterest amount of Rs. 2,51,613\/- from 30\/11\/2008 to 21\/01\/2009] and<br \/>\n\tfurther interest from 22\/1\/2009 to till payment and<br \/>\n\tstatutory notice under Section 434(1) (a) dated 24\/12\/2008 was sent<br \/>\n\tat the registered office of the respondent Company by registered<br \/>\n\tpost calling upon the Company to pay up the dues but no reply was<br \/>\n\treceived. Thereafter, out of that, Rs.10,00,000\/- was paid on<br \/>\n\t25.06.2009. The Company has neglected to pay any amount as demanded<br \/>\n\tby the above notice. It is therefore, submitted that when the<br \/>\n\trespondent Company has failed and neglected to pay and clear the<br \/>\n\tdues of the petitioner within the statutory period of 21 days, the<br \/>\n\tCompany is deemed to be unable to pay the debts in normal and<br \/>\n\tordinary course of business and the Company has become insolvent,<br \/>\n\ttherefore, it is prayed that pending final disposal of the petition,<br \/>\n\tthe Official Liquidator appointed to this Court be appointed as<br \/>\n\tprovisional Liquidator under the Companies Act, 1956 and during<br \/>\n\tpendency of the petition, the respondent, its servants and agents be<br \/>\n\trestrained from disposing, alienating, encumbering, transferring and<br \/>\n\tcreating third party rights over the assets and properties of the<br \/>\n\tCompany.\n<\/p>\n<p>Learned<br \/>\n\tcounsel for the respondent submits that the fact stated by the<br \/>\n\tpetitioner are not in dispute and the<br \/>\n\trespondent Company is unable to pay the dues.\n<\/p>\n<p>Considering<br \/>\n\tthe overall facts and circumstances of the case, from the record it<br \/>\n\ttranspires that the respondent Company has failed to pay the legal<br \/>\n\tdues of the petitioner company and inspite of service of statutory<br \/>\n\tnotice under Section 434. The<br \/>\n\trespondent Company, however, gave no reply within or even after the<br \/>\n\tcompletion of statutory period of three weeks. The petitioner has,<br \/>\n\ttherefore, filed this Company Petition seeking winding up of the<br \/>\n\trespondent Company and the details of<br \/>\n\tthe petitioner Company are admitted.\n<\/p>\n<p>\tIn<br \/>\n\tresponse to the notice issued by the Court, the respondent Company<br \/>\n\tis represented by learned advocate. On behalf of the company, a<br \/>\n\treply has also been filed in which it is averred as under :\n<\/p>\n<p>\t&#8220;6.\n<\/p>\n<p>\t It is submitted that no activity on the part of the company is<br \/>\n\tgoing on. It is further submitted that the company is trying to<br \/>\n\tarrange the funds.&#8221;\n<\/p>\n<p>\tThe Profit<br \/>\n\tand Loss Account reflects the loss of Rs. 73,75,952\/- for the year<br \/>\n\tended 31.3.2010 and the Balance sheet reflects the accumulated loss<br \/>\n\tof Rs. 3,35,79,531\/-.\n<\/p>\n<p>From the<br \/>\n\tabove, it is undisputed that the respondent Company<br \/>\n\towes sizable amount to the petitioner Company which is due and<br \/>\n\tpayable. Despite demand and statutory notice, there has been no<br \/>\n\tresponse from the respondent Company. In the affidavit filed before<br \/>\n\tthis Court also, it is clearly stated that the Company is unable to<br \/>\n\tpay the debt.\n<\/p>\n<p>The<br \/>\n\tpetitioner has complied with directions issued by this Court vide<br \/>\n\torder dated 14.03.2011 and while admitting the petition and has also<br \/>\n\tpublished the notice in a two daily newspapers and accordingly the<br \/>\n\taffidavit dated 1st\u00a0April, 2011 is<br \/>\n\tfiled. Thereafter also there is no willingness on the part of the<br \/>\n\trespondent Company to pay the dues. It appears that the Company is<br \/>\n\tunable to perform its functions under the provisions of the<br \/>\n\tCompanies Act, 1956 since it has lost its sub-stratum and<br \/>\n\taccordingly, it is ordered to be wound up.  The matter was ordered<br \/>\n\tto be heard finally and accordingly the prayer of the petitioner is<br \/>\n\taccepted and the Official Liquidator is appointed as Official<br \/>\n\tLiquidator under the provisions of the Companies Act. The Official<br \/>\n\tLiquidator shall take charge of the assets and properties of the<br \/>\n\tCompany in accordance with law.\n<\/p>\n<p>\tOrder<br \/>\n\taccordingly. The petition stands disposed of.\n<\/p>\n<p>\t\t\t\t\t\t\t\t\t\tSd\/-\n<\/p>\n<p>(Anant<br \/>\nS. Dave, J.)<\/p>\n<p>Caroline<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Aegis vs Zenet on 4 April, 2011 Author: Anant S. Dave,&amp;Nbsp; Gujarat High Court Case Information System Print COMP\/33\/2009 3\/ 3 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION No. 33 of 2009 ========================================================= AEGIS HEALTHCARE PRIVATE LIMITED &#8211; Petitioner(s) Versus ZENET SOFTWARE LTD &#8211; Respondent(s) ========================================================= Appearance : [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,8],"tags":[],"class_list":["post-201120","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aegis vs Zenet on 4 April, 2011 - Free Judgements of Supreme Court &amp; 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