- (1.) This petition under Section 439(1)(b) read with 433(e) of the Companies Act, 1956 (hereinafter 'the Act of 1956') has been filed by the petitioner Kotak Mahindra Bank Limited (hereinafter 'the Bank') against the respondent Hari Ugam Marketing & Distribution Company Private Limited (hereinafter 'the respondent Company') having its registered office at Hari Ugam, E-61, Chitranjan Marg C-Scheme, Jaipur.
(2.) The case of the petitioner Bank is that the respondent company is engaged in the business of distributors, stockist, retailers, clearing and forwarding agents etc. and has a nominal capital of Rs.10,000,000/- (One Crore) divided into 10,000,000 share of Rs.10 each of which the paid up capital is Rs.10,000,000/-. It has been submitted that on account of business loan advanced as per loan agreement No.SA338718 dated 29-12-2010 the respondent company is indebted to the petitioner Bank in a sum of Rs.32,12,485.21 as on 23-6-2012. As per the agreement the loan advanced was to be repaid along with interest at the rate of 36% p.a. computed on monthly basis in 36 instalments of Rs.90,815/- commencing 10-2-2011 and ending 10-1-2014. However, after obtaining the loan from the petitioner Bank, the respondent Company failed to maintain proper financial discipline and did not abide by payment of instalments scheduled in the loan agreement and neglected to repay the due instalments. Even the post dated cheques issued by the respondent company were dishonoured. The respondent company's loan account has been foreclosed whereupon as on 23-6-2012 an amount Rs.32,12,485.21 became due against the respondent company.
(3.) Thereafter despite repeated requests the respondent failed to repay the outstanding amount Rs.32,12,485.21 as on 23-6-2012. A statutory notice under Section 434(1)(a) of the Act of 1956 was also sent to the registered office of the respondent company, which was returned on 27-6-2012 with a remark of "Left". No change of registered address of the respondent company was recorded with the Registrar of Companies or otherwise intimated to the petitioner Bank. The debt amount remains unpaid evidencing that the respondent company in law is deemed to be commercially insolvent and hence liable to be wound up in public interest.;