- (1.) THIS judgment will dispose of Company Appeals Nos. 9 to 11 of 1982 which contain similar questions of law and fact. The facts in the judgment are being given from C. A. No. 9 of 1982.
(2.) THE Ambala Bus Syndicate (P.) Ltd. (hereinafter referred to as " the company ") is registered under the Companies Act, 1956 (hereinafter called "the Act"), and its authorised capital is Rs. 15 lakhs and paid up capital, Rs. 12,13,700. M/s. Bala Financiers P. Ltd. (hereinafter referred to as " the financiers ") is also registered under the Act and is carrying on business as financiers. It is alleged that the financiers are creditors of the company for a sum of Rs. 7,49,328. 76, inclusive of interest as on March 31, 1980. The total amount recoverable from the company on June 15, 1980, including interest is Rs. 7,80,528. 76. The financier served a notice dated June 20, 1980, on the company demanding an amount of Rs. 7,80,528. 76. In reply, the company disputed the amount claimed from it and denied its liability to pay the same. The case of the financiers is that the plea taken by the company is fallacious. It is averred that it was unable to pay its debt and was liable to be wound up. Consequently, a petition for winding, up was filed under Sections 433, 434 and 439 of the Act.
(3.) THE company contested the petition and controverted the allegations of the financiers. It, inter alia, pleaded that there was a bona fide dispute in respect of the amount claimed and, therefore, the petition was not maintainable. It further pleaded that Harminder Singh Bala was the managing director of the financiers as well as of the company till April 11, 1980, when he was removed from the managing directorship of the company. He had major shareholdings in the financiers and, therefore, he created false liabilities against the company in favour of the financiers by manipulating false entries in the books of the company. The entries on which the financiers are relying, it is alleged, are fictitious and the company cannot be made liable to pay any amount to the financiers on the basis of those entries.;