JUDGMENT

(Prayer: Petition filed under Section 433 (e) and (f), 434 (1)(a) and 439(1)(b) of the Companies Act for winding up the respondent company.)

1. The Company petition filed as early as in the year 2011 which has travelled back and forth between the NCLT and this Court was taken up for hearing by me on various dates starting from 31.01.2020 and orders were reserved on 27.02.2020. The brief facts necessary for considering the petition is herein below narrated.

Pleadings:

2. The Respondent company which is engaged in generating power from wind, had issued an offer circular on 13.12.2007 announcing the issue of USD 30,000,000 2.5% Convertible Bonds due 2012 otherwise called the Foreign currency Convertible Bonds. The bonds were to mature on 22.12.2012 and were to bear interest @2.5% per annum payable semi-annually in arrears on the 6th and 12th month of each calender year after the issue date. ie.21.12.2007. The offer letter further stated that unless previously converted, redeemed or repurchased and cancelled the issuer. ie. the respondent, will redeem each bond in US Dollars at US$128.50158% of the principal amount on the date of maturity. The Bond holders were given an option to