- (1.) LEAVE granted.
(2.) THESE appeals by special leave are directed against the judgment and order passed by the Company Court in Company Appeal Nos. 8 and 9 of 1994, dated 21.12.2011. By the impugned judgment and order, the High Court has admitted the petitions and, thereafter, allowed the Company Court to proceed with the Company Petition under Section 433(e) of the Companies Act, 1956 (for short 'the Act').
(3.) THE Respondents had filed a Company Petition inter alia contending that the Appellant is due in a sum of Rs. 4 lacs and more before the Company Court under Section 433(e) of the Act, whereafter the Company Court had issued notice as contemplated under Section 433(1)(a) of the Act. After issuance of said notice, the Appellant -company had filed its detailed reply, inter alia, disputing the claim made by the Respondents. The learned Company Judge, taking into consideration the defence so pleaded by the Appellant -company, had thought it fit to reject the petition filed under Section 433(e) of the Act. Being aggrieved by the said order, the Respondents herein had preferred an appeal before the appellate Court in Company Appeal No. 10 of 1994. The appellate Court has opined that the defence pleaded by the Appellant -company is a moonshine defence and therefore it is unable to pay its debts as envisaged under Section 433(e) of the Act and, accordingly, has admitted the petition and had permitted the Company Court to proceed further in the matter. Aggrieved by the same, the Appellant -company is before us in these appeals.;