(BY SRI. RAGHURAM CADAMBI.,ADVOCATE) v. SRI. B S RAGHU PRASAD.,ADVOCATE)

VALLIAMMAI TEXTILES A PROPRIETARY CONCERN OF MR.M.YAGAPPAN S.F.NO.50/1, ANDIPALAYAM PIRIVU, MANGALAM ROAD, TIRUPUR-641 687 (BY SRI. RAGHURAM CADAMBI.,ADVOCATE) …PETITIONER AND: SREE MEENAKSHI SUNDARAM TEXTILES LTD A PUBLIC LTD CO WITH IN THE MEANING OF THE COMPANIES ACT, 1956 AND HAVING ITS REGD OFFICE AT HUNSUR K.R.NAGAR ROAD, BELATHUR VILLAGE, HUNSUR-571 105 KARNATAKA (BY SRI. ANANT MANDAGI., SR. ADVOCATE FOR SRI. B S RAGHU PRASAD.,ADVOCATE) …RESPONDENT THIS COMPANY PETITION IS FILED UNDER SECTION 439(1)(B) R/W SECTION 433(E) & (F) R/W SECTION 434 OF THE COMPANIES ACT, 1956 PRAYING TO DIRECT THE WINDING UP OF THE RESPONDENT COMPANY M/S SREE MEENAKSHI SUNDARAM TEXTILES LIMITED AND ETC. THIS COMPANY PETITION, COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING: NARAYANAPPA LAKSHMAMMA Location: HIGH COURT OF KARNATAKA - 2 - NC: 2024:KHC:13036 COP No. 144 of 2009 ORDER

The petitioner in COP No.144 of 2009 is before this Court seeking for the following reliefs: a. Direct the winding up of the Respondent Company M/s Sree Meenakshi Sundaram Textiles Limited. b. Appoint the Official Liquidator attached to this Hon’ble Court or any other fit person as the liquidator of the Respondent Company and may be given all powers under the provisions of Companies Act including the charge of shares, Books of Accounts, Records, Documents, Paper, Bills, etc. of the Company. c. Cost of the petition to be provided for; and d. All and such other and further reliefs by taking into consideration the nature and constitution of the case and as may be determined by this Hon’ble Court.

The above petition had been filed by the petitioner on the ground that a crystallized and admitted debt due and liable to be paid by respondent- company for an amount of Rs.1,12,25,770/- had not been paid to the petitioner and it is in that background that it is contended that the company is unable to pay its debt and as such the company is liable to be wound up under Section 433E of the Companies Act 1956. - 3 - NC: 2024:KHC:13036 COP No. 144 of 2009

Sri Anant Mandagi learned Senior counsel, who appears for the company on the last occasion had submitted that the petitioner had filed a suit in O.S. No.615/2000 before the subordinate Judge in Thirupur which was decreed on

5.08.2023. The decree was set aside by the Hon’ble Madras High Court and remanded the matter to the trial Court in CRP No.525/2006 in CMA No. 3700/2010 dated

7.3.2011. On remand the trial court had once again decreed the suit on 5.08.2023 which is now pending in appeal in CIE No.31/2023 wherein a conditional order of stay on deposit has been made. The said order having been complied by the respondent, the disputes between the parties pending in a civil suit, it cannot be said that the amounts are crystallized and are due and liable to be paid to the petitioner.

Having heard both the counsel and considering that a suit has been filed and the same is now pending before the Hon’ble High Court of Judicature at Madras wherein a conditional order has been passed which condition has also been satisfied by the respondent-company, I am of the considered opinion that the said suit relating to all the - 4 - NC: 2024:KHC:13036 COP No. 144 of 2009 claims which have been made in the present petition, it would be for the court seized of the appeal to pass necessary orders which would be binding on the parties considering that the claim of the petitioner has been disputed by the respondent.

In that view of the matter, the petition stands disposed. Sd/- JUDGE LN List No.: 3 Sl No.: 2