- (1.) The petitioner filed this Company Petition u/s. 9 of the I & B Code stating that this Petition is filed basing on statutory notice issued on 6.10.2016 u/s. 434(1)(a) of the Companies Act, 1956 stating that Debtor Company agreed that it would construct residential house (farm house) as well as other ancillary building for a total amount of Rs. 7 crore, for which, at request of the Corporate Debtor, the petitioner advanced Rs. 5 crores out of total amount of Rs. 7crore through RTGS payments on 19.3.2013, 25.5.2013 and 19.10.2013. When the Corporate Debtor failed to undertake construction of the farm house as agreed between them, the Operational Creditor i.e. Petitioner herein made several requests asking the Corporate Debtor to start work immediately or else return the entire amount of Rs. 5 crore to them immediately along with interest at the rate of 24% p.a.
(2.) As the Corporate Debtor failed to construct the Farm House as agreed between the parties, the Corporate Debtor made part payments of Rs. 88 lakhs by a demand draft and Rs. 26 lakhs through RTGS as part refund towards the money paid by Petitioner herein. As to remaining balance of Rs. 3.86 crore along with interest, for there being no response from the Corporate Debtor, the Petitioner issued this statutory notice dated 6.10.2016 u/s. 434 of the Companies Act, 1956, calling upon the petitioner to repay the debt or else the petitioner would seek remedy for winding up of the company by invoking sections 433 & 434 of the Companies Act 1956.
(3.) For no repayment being made, the Petitioner on 4.1.2017 filed before winding up petition u/s. 271(1) & 271(2) r/w section 272 of the Companies Act, 2013 before this Tribunal for winding up of the company for the Corporate Debtor is unable to discharge the debt of the Petitioner herein.;