The Bombay High Court has dismissed the petition of Marine Geotechnics LLC of Houston, US, against the Mumbai-based Coastal Marine Construction & Engineering Ltd stating that an ex-parte summary judgment obtained in a foreign country against an Indian company could not be termed a 'debt' due and payable by it in a winding up petition under the Companies Act. The Indian company was not represented before the Houston court when the US firm obtained a decree against it. It was not made order of the court in India. In such circumstances, it could not be said that the debt became payable, the high court said.
Article referred: http://www.business-standard.com/article/opinion/half-full-win-for-liquor-bars-114031600740_1.html
Article referred: http://www.business-standard.com/article/opinion/half-full-win-for-liquor-bars-114031600740_1.html
Comments
Post a Comment