- 1 - VPH IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION No. 639 OF 2008 V. V. Dandekar ... Petitioner Vs. York India Limited ... Respondent *** Ms. Deepa Chavan i/b Vinay M. Bhate, for the petitioner Mr. Ravi Kadam, Sr. counsel a/w Mr. V. R. Dhond a/w Ms. Priya Khanna i/b Kamni Ahuja & Co., for respondent. *** CORAM : S. J. KATHAWALLA, J. DATE : SEPTEMBER 8, 2009. PC :- 1. This Company Petition is filed by the petitioner seeking winding up of the respondent Company York India Limited, on the ground that the respondent has failed and neglected to pay an amount of Rs.24,21,100/- due and payable to the petitioner by the respondent. It is submitted that the respondent is unable to pay its debts. Mr. Dhond, the learned advocate appearing for the respondent states that it would be incorrect to contend that the respondent is unable to pay its debt, and the respondent to establish its bona fides is willing to deposit an amount of Rs. 24,00,000/- in Court. The learned advocate appearing for the - 2 - petitioner states that the petitioner be allowed to withdraw the amounts of Rs.6,45,915/- and Rs.3,72,781/- since the respondent has paid TDS in respect thereof. In view of the same, I pass the following order. ORDER (i) The Respondent Company shall deposit an amount of Rs.24,00,000/- with the Prothonotary & Senior Master, High Court (O.S.), Bombay within a period of 8 weeks from today. (ii) Upon the respondent depositing the said amount of Rs.24,00,000/- with the Prothonotary & Senior Master, the petitioner shall file a suit to recover the entire, alleged claim of the petitioner against the respondent and immediately upon such suit being filed by the petitioner, the Prothonotary & Senior Master shall transfer the said amount of Rs.24,00,000/- to the said suit account. (iii) Upon the said amount of Rs.24,00,000/- transferred by the Prothonotary & Senior Master to the suit account, the petitioner shall be allowed to withdraw an amount of Rs.10,18,696/- (Rupees ten lakhs, eighteen thousands, six hundred ninety six only) upon the petitioner submitting a written undertaking to bring back the said amount of Rs.10,18,696/- as and when ordered by the Court. - 3 - (iv) The balance amount of Rs.13,81,304/- lying with the Prothonotary & Senior Master shall be invested by the Prothonotary & Senior Master in fixed deposits of nationalised banks initially for a period of 2 years which shall be renewed from time to time for two years at a time, until further orders. (v) If the respondent fails to deposit the said amount of Rs.24,00,000/- within a period of 8 weeks from today, the Company Petition shall revive and stand admitted without any further reference to this Court. In that event the petitioner to advertise the petition in two local newspapers viz. “Free Press Journal”, “Maharashtra Times” and Maharashtra Government Gazette. The petitioner shall deposit an amount of Rs.10,000/- with the Prothonotary & Senior Master towards the publication charges, within a period of three weeks from the date of the respondent failing to deposit the said amount, with intimation to the Company Registrar, failing which the petition shall stand dismissed for non-prosecution. (vi) The Company Petition is accordingly disposed of with no order as to costs. Sd/- [ S. J. KATHAWALLA, J.]