Law:

Section:

Companies Act (VII of 1913)- -- Ss. 162 & 163-Winding up of Company-Application for-Peti­tioner, in performance of agreement to become shareholder of Com­pany, paying certain sums of money-No debt due shown to exist­Petitioner, in circumstances, either entitled to shares in accordance with agreement, or in case agreement being not honoured respective rights and liabilities of parties to be determined-Held, such questions can be gone into only after evidence led by parties and summary jurisdic­tion under S. 162 cannot thus be exercised in matter. P. R. Dorals Swami Ayyar v. Coimbatore Easware Sahaya NOW Ltd. A I R 1929 Mad. 265 ; W. T. Henley's Telegraph Works Co. Ltd., Calcutta v. Gorakhpur Electric Supply Co. Ltd., Allahabad A I R 1936 All. 840 ; Industrial Development Bank of Pakistan v. Sattar & Sons Ltd. 1969 D L C 596 ; M. A. Kureshi v. Argus footwear A I R 1931 Rang. 306 ; Mulls Abdullabhai v. Sarla Rope Mills Ltd. P L D 1971 Kar. 597 ; Jambad Coal Syndicate Ltd. (1934) 62 Cal. 294 and Adage Advertising, Lahore v. Messrs Shezan International Ltd., Lahore 1970 S C M R 184 ref. JUDGMENT This is an application under section 162 of the Companies Act, 1913, for winding up of respondent No. 1 on the ground that the company is not in a position to pay its liabilities and it in fact failed to pay back the petitioner's debt due despite legal notice. In its written statement the respondent company categorically denied the liability by saying that it never borrowed any money from the petitioner and that nothing is due from it. 2. As the contents of the petition were ambiguous and did not show as to how the amounts, claimed by the petitioner, were lent or made up the petitioner was asked to clarify the same. He made an application (C. M. 238-L-81) supplying the details. It is stated in para. 9 that the factory of the respondent company at. Sahiwal was at a stand still when a previous application for its winding up (C. O. 33-75) was made. Therein that petitioner on 28th May, 1976, made the following statement before this Court :- "The petitioner wants to withdraw the petition on account of change of circumstances. New investments have been made for making the…

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