Ajay Rastogi, J. - (1.) INSTANT company petition has been filed under sections 433, 434 and 439 of Companies Act, 1956 ("Co. Act") seeking winding up of M/s. Hanuman Das & Sons (P.) Ltd. ("respondent -Co.") duly incorporated on 6 -12 -1948 having registered office at C -29, Bhagwan Das Marg, Jaipur.
(2.) PETITIONER -1 (Rahmat Khan) claims himself to be creditor as well as contributory/ share holder while petitioners -2 to 4 (Ibrahim Ali, Smt. Choti & Yaqub Ali, claim themselves as contributories of respondent -Co. Petitioners are holding respectively 150, 200, 200 & 50 shares of respondent -Co. and out of total 2000 shares, they hold 600 shares of the value of Rs. 60,000. It has averred in the petition that on 20 -11 -1982, respondent -Company & its assets were taken over by petitioner -1 (Rahmat Khan) and Hakim Ali by acquiring its share -holding, and for running business of establishing a Deluxe Hotel in the sole property owned by respondent -Company. However, after taking over the Company by new groups, differences arose between the parties thereby no business could be transacted by respondent -Company nor was there any income being earned by Company since the year 1982 and since then no further capital was ever inducted by Directors or share holders of respondent -Company for business purposes.
(3.) HOWEVER , respondent -Co. approached the petitioner -1 for borrowing a certain sum which was arranged from time to time and as a result whereof, after the year 1993, the liabilities against respondent -Company kept on rising since statutory dues like income tax returns, municipal taxes, land & building tax were not being paid by respondent -Co., and no party was interested in clearing liabilities nor any party took initiative to settle statutory dues outstanding against it. Respondent -Co. failed to satisfy statutory outstanding dues including amount of loan extended by petitioner -1 and that after the year 1991, respondent -Co., failed to file its annual returns & balance sheets with the Registrar of Companies and last balance sheet prepared by respondent -Co., was of the year 1990 -91 filed with Registrar of Cos.;