- (1.) Present Company Petition has been filed by the petitioner - Gujarat Industrial Investment Corporation Limited for an appropriate order of winding up of the respondent company i.e. M/s. Shodhan Sanskar Limited under the provisions of the Companies Act; 1956.
(2.) It is the case on behalf of the petitioner that the respondent company owes to the petitioner as on December 2000 an amount of Rs.3,29,95,103/- being the amount of outstanding dues with interest payable to the petitioner. It is further submitted that one M/s. Dhatu Sanskar Limited approached the petitioner for a term loan of Rs.60 Lacs and the petitioner sanctioned the financial assistance of Rs.60 Lacs on 13/20.11.1991 and the respondent company executed deed of joint and several guarantee on 8.1.1992 for Rs.60 Lacs in favour of the petitioner for repayment of the loan obtained by the principal borrower company. It is further submitted that the principal borrower has failed to repay the said amount and then the said company has gone under liquidation and an order of winding up of the said company is passed by this Court. It is submitted that as a guarantor, the respondent was required to repay the said amount which the respondent company has neglected to pay and the dues payable to the petitioner have further gone up and as on December 2000 Rs.3,29,95,103/- is to be recovered from the respondents. It is further submitted that inspite of repeated requests and demands and even statutory notice under Section 434 of the Companies Act; 1956, the respondent company has neglected to pay the said amount and therefore, the present Company Petition has been filed.
(3.) Shri Pahva, learned advocate appearing for the petitioner has submitted that the respondent company stood as a guarantor of loan and the principal debtor has committed the default and therefore, the respondent company was bound to pay the said amount and as the respondent company is not in a position to pay its dues, the company is required to be ordered to be wound up.;