Sanjeev Prakash Sharma, J. - (1.) Instant Company Petition under Section 433, 434 of the Companies Act, 1956 (hereinafter referred as 'the Act of 1956') has been filed by the petitioner Small Industries Development Banks of India (hereinafter referred as 'SIDBI') seeking directions for winding up of the respondent M/s. N.M. Roof Designers Limited (hereinafter referred as 'respondent Company').
(2.) It is submitted that SIDBI is a Corporation established under the Small Industries Development Bank of India Act, 1989 (hereinafter referred as 'SIDBI Act') and is a public financial institution within the meaning of Section 4A of the Act of 1956. The financial assistance by way of Subordinated Debt (SD) of Rs. 300 lac was sanctioned vide sanction letter dated 19/09/2013 by the SIDBI to the respondent-Company on its application. The same was repayable in 48 installments of Rs.6.25 lac each. The amount as noted above, was fully disbursed. The respondentCompany paid interest upto 10th of May, 2015 but thereafter defaulted in making payment of interest and other dues which had fallen due w.e.f. 10/06/2015.
(3.) In the circumstances as above, recall notice dated 10/12/2015 demanding an aggregate amount of Rs.3,23,93,166.00 was served on the respondent-Company and as the said amount was not paid, notice under Section 434 of the Act of 1956 was served on the respondent-Company on 19/01/2016 claiming an aggregate amount of Rs.3,28,16,768/-. Vide reply dated 06/02/2016, the respondent-Company has admitted the said liability and also admitted its inability to pay the amount. In view thereof, the present petition for winding up of the respondent-Company has been filed by the SIDBI invoking provisions of Section 433(e) and 434(1) of the Act of 1956.;