G.R. Majithia, J. - (1.) THIS is an application under Section 439 read with Sections 433 and 434 of the Companies Act (for short "the Act") for winding up of the Respondent -Company.
(2.) C .P. 86 of 1985 was originally filed by some of the creditors of the company. By order dated September 11, 1986, the company petition was ordered to be advertised and the order was duly complied with. On September 3, 1987, the counsel for the Petitioners admitted that the entire claim of the Petitioners had been paid to them. On August 11, 1988, the counsel for the Petitioners made a statement that he did not want to prosecute the petition on behalf of the Petitioners since they had entered into a settlement and had received the entire amount due to them. C.A. 101 of 1987 in C.P. 86 of 1985 was moved by some of the creditors for substitution as Petitioners. The application was allowed and the counsel for the Petitioners was directed to file an amended petition. It is the amended petition on behalf of the fresh creditors allowed to be substituted which is being disposed of, In the petition, it is stated that the Petitioners deposited various amounts with the Respondent -Company against receipts, details of which are as under:
(3.) THE amount was not paid when demanded. The Respondent -company has defaulted in making payment of the sum due. The Respondent -company admitted that the amounts were deposited by the Petitioners. Payment of interest to some of the creditors on their deposits was also admitted, but this was before October 1, 1982. On December 31, 1982, the Petitioners came to the company's office, abused the Managing Director of the Respondent -company and demanded immediate payment. After December 31, 1982, the Petitioners did not approach the Respondent -company. It was pleaded that their claim had become barred by time. It was also pleaded that the Petitioners did not serve the statutory notice under Section 434 of the Act before filing the petition.;