THE HON’BLE SRI JUSTICE C.V. NAGARJUNA REDDY COMPANY PETITION No.16 of 2012 Dated: 30.07.2014 Between:
M/s. Kotak Mahindra Bank Ltd.
2nd Floor, Zone IV, Kotak Infinity Building No.21, Infinity Park General A.K. Vidya Marg, Off: Western Express Highway, Malad (East), Mumbai, Rep. by its Asso.Vice-President Mr. Harish Kumar Acharya .. Petitioner and M/s. Somkan Marine Foods Limited, 310/2RT, Vijaya Nagar Colony, Hyderabad, Andhra Pradesh. .. Respondent Counsel for the Petitioner: Mr. V.V.S.N. Raju Counsel for the Respondent: Mr. L. Venkateswara Rao The Court made the following:
ORDER:
This company petition is filed for an order to wind up the respondent for non-payment of debt due to the petitioner.
At the hearing, the learned counsel for the petitioner has not disputed that his client is a secured creditor and that proceedings have already been instituted before other foras for recovery of money. Strictly speaking, a creditor whose interests are secured is not entitled to seek winding up of the debtor, as such cases do not satisfy the requirement of Section 434(1)(a) of the Companies Act, 1956.
In this view of the matter, the company petition is dismissed, without prejudice to the right of the petitioner to pursue the remedies already availed by it and also to file a fresh company petition in the event it is unable to recover the debt from the respondent by sale of securities.
As a sequel to dismissal of the company petition, Company Application Nos.16, 17 and 725 of 2012 shall stand disposed of as infructuous.
C.V.NAGARJUNA REDDY, J 30th July, 2014 IBL