N & S & N CONSULTANTS S.R.O Vs. SRM EXPLORATION PRIVATE LIMITED
The Petitioner Company is a company which was registered under the laws of Czech Republic. It had executed the agreement with M/s. Newco Prague, s.r.o. i.e. purchaser company, for sale of 100% equity interest of SP of W, a.s. at the purchase price of CZK 230,000,000. The guarantor of above agreement was SRM Exploration Private Limited (Respondent). The purchaser company paid an amount of CZK 14,625,000 out of the total consideration of CZK 230,000,000, petitioner sent letters requesting the Purchaser to pay the unpaid installments. But as the Purchaser company did not make the payment, the petitioner sent a demand notice to the guarantor, namely, the respondent also. After that the Petitioner company through their counsel issued a statutory winding up notice dated 1stMay, 2009 calling upon the respondent to make payment within three weeks. Since there was no reply and no receipt of any amount, the petitioner filed the present petition. It was stated that if a debt is really outstanding, it has to be paid. The Hon’ble High Court allowed the petition and the provisional liquidator has been appointed for the respondent company.
