1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.859 OF 2001 Ravi N. Jain .. Petitioner Vs. Suyash Properties P.Ltd. ... Respondents Mr.A.S.Doctor i/b Mr.R.D.Suvarna for the petitioners None for respondents CORAM : S.J. VAZIFDAR, J. DATED : 19th JULY, 2010 P.C.: 1. This is a petition for winding up the respondent company inter alia on the ground that it is unable to pay its debts. 2. According to the petitioner, the respondents are indebted to him in the sum which today exceeds Rs.7.0 lacs. The claim arises on account of monies lent and advanced by the petitioner to the respondents. A sum of Rs.2 lacs was advanced on 16.6.95 as evidenced by the debit note. An amount of Rs.2,50,000/- advanced on 15.3.96 has been repaid. 3. Interest was paid on the sum of Rs.2 lacs @ 14% p.a. as evidenced by 2 TDS certificate. However, according to the petitioner, interest was payable at 18% p.a. This makes no difference. Even assuming that interest is only to be paid @ 14% p.a. the respondents are in any event indebted to the petitioner in the sum of over Rs.6.0 lacs as on date. 4. The petitioner by a letter dated 18.9.00 demanded repayment with interest @ 18% p.a. By a reply October, 2000 the respondent alleged that the amount had been paid as investment in respect of a scheme whereunder the petitioner was to be allotted a unit. 5. The respondents denied that interest was payable @ 18% p.a. It is important to note that the respondents stated that the petitioner was given an option to withdraw or to pay the full amount of Rs.5.0 lacs for each unit and that the petitioner chose to withdraw from the scheme. It is admitted that some interest was paid. It is further alleged that the respondents made arrangements to pay the petitioner in full and final settlement of the amount due to it. 6. There is no proof of the payments having made by the respondents. The affidavit in reply refers to a statement of account. There is nothing to authenticate the veracity thereof. The company has not appeared today. 3 7. In the circumstances, there is no bona fide defence to the petitioner s’ claim. Company Petition is therefore, made absolute in terms of prayer clause (a) and (b). The petitioner shall also be entitled to costs fixed at Rs.5,000/- which may be recovered in the winding up proceeding.