NEELKANTH DEVANSH DEVELOPERS PRIVATE LIMITED vs URBAN INFRASTRUCTURE VENTURE CAPITAL LIMITED

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2016 Supreme(Bom) 349

V.M.KANADE, REVATI MOHITE DERE
NEELKANTH DEVANSH DEVELOPERS PRIVATE LIMITED – Appellant
Versus
URBAN INFRASTRUCTURE VENTURE CAPITAL LIMITED – Respondent

Advocates:
Advocate Appeared:
Mr. Janak Dwarkadas, Senior Counsel alongwith Mr. Parimal Shroff, Mr. D.V. Deokar, Mr. Sachin Pandey, Mr. Dhruvesh Parikh, Mr. Jehaan Mehta, Ms. Priyanka Rathore, Ms. Nidhi Chheda i/b M/s. Parimal K. Shroff & Co. for the Appellant in Appeal No.109 of 2015.
Mr. D.D. Madon, Senior Counsel alongwith Mr. Gaurav Joshi, Senior Counsel, Mr. Parimal K. Shroff, Mr. D.V. Deokar, Mr. Sachin Pandey, Mr. Dhruvesh Parikh, Mr. Jehaan Mehta, Ms. Priyanka Rathore, Ms. Nidhi Chheda i/b M/s Parimal K. Shroff & Co. for the Appellant in Appeal No.100/15.
Mr. S.U. Kamdar, Senior Counsel alongwith Mr. Riyaz Chagla, Mr. Chirag Balsara, Mr. Parimal Shroff, Mr. D.V. Deokar, Mr. Sachin Pandey, Mr. Dhruvesh Parikh, Mr. Jehaan Mehta Ms. Priyanka Rathore, Ms. Nidhi Chheda i/b M/s Parimal K. Shroff & Co. for the Appellant in Appeal No.102 of 2015.
Dr. Virendra Tulzapurkar Senior Counsel alongwith Mr. Arif Doctor i/b Junnarkar & Associates for the Respondents.

JUDGMENT :

V. M. Kanade, J.

1. Appellants are the original Respondents and are challenging the order passed by the learned Single Judge in the Company Petitions filed by the Respondents/original Petitioners. By the said impugned order, the learned Single Judge was pleased to pass an order of winding up of the Appellants/Company subject to the Appellants depositing the amount which was due and payable under the Inter Corporate Deposits made by the Respondents/original Petitioners.

2. Few facts as are necessary to decide the aforesaid appeals are as under :

At the outset, it may be noted that the facts in the aforesaid three appeals are substantially similar and that only the amounts in each appeal differs. The learned Single Judge, in the impugned order, has referred to the facts in Company Petition No. 31 of 2013, which is appeal No. 102 of 2015.

3. The respondents/original petitioners' case as disclosed in the company petitions broadly is as under :

According to the respondents/original petitioners, the appellant companies were incorporated under the Companies Act, 1956 as Private Companies Ltd. by shares on 1st March, 2007, and that the main objects for which the said Companies were in

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2016 Supreme(Bom) 349

V.M.KANADE, REVATI MOHITE DERENEELKANTH DEVANSH DEVELOPERS PRIVATE LIMITED – AppellantVersusURBAN INFRASTRUCTURE VENTURE CAPITAL LIMITED – Respondent

Cases Referred (1)

V.M.KANADE, REVATI MOHITE DERE
NEELKANTH DEVANSH DEVELOPERS PRIVATE LIMITED – Appellant
Versus
URBAN INFRASTRUCTURE VENTURE CAPITAL LIMITED – Respondent