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The appellants herein filed their counter affidavits, in C.A. No.1163 of 2013 before the Company Court, stating that the authority of Mr. Robert Dix to file the said application was defective, in the absence of properly authorised and executed documents; the dispute in C.P. No.30 of 2012 related to non- payment of the contractual dues, by the respondent company, under the agreement dated 04-05-2011; the validity of the agreement dated 04-05-2011 had not been disputed even by the respondent-company; the entire proceedings, by the bankruptcy receiver, started only after 06-07-2011 when he was allegedly appointed as the bankruptcy receiver of Quinn Logistics Sweden; the agreement between M/s. R.N. Marwah & Company and the respondent-company was signed on 04-05-2011 i.e. more than two months prior to the alleged appointment of the bankruptcy receiver; there is no averment in the affidavit, filed in support of C.A. No.1163 of 2013, that the said agreement is a sham or has been backdated or that payment was made by the respondent company to M/s. R.N. Marwah & Company; the counter affidavit filed by Sri Samson Arthur honestly mentioned the financial difficulties faced by the respondent-company; the veracity of the statement of Sri Samson Arthur, regarding the financial difficulties faced by the respondent- company and the consequent inability to pay the petitioners dues, is duly established by the bank statements annexed along with the affidavit dated 13.06.2012 filed by Sri N. Chandrasekhar Rao; as per the annexed documents, the respondent-company had two bank accounts with HDFC bank and HSBC Bank; while the respondent-company had a bank balance of Rs.9,99,150/- in HDFC bank, a sum of Rs.2,772/- was lying to their credit in their HSBC bank account; the veracity of the bank statements has not been disputed by the respondent-company; it was evident that, as on that date i.e. 07-06-2012, the respondent- company was financially unable to meet its admitted liabilities; the fact that it was owed money by Mack Soft is completely immaterial as it would be a claim to be made by the respondent-company against Mack Soft; that is no ground for the respondent-company to deny payment of its admitted liability; on the date on which the agreement was executed, there was no order appointing the bankruptcy receiver as receiver in bankruptcy of Quinn Logistics Sweden AB; the respondent-company could not allege that attempts were made by the petitioner in C.P. No.30 of 2012, in collusion with the erstwhile management, to obstruct a change in the management of the respondent-company, and to prevent the court appointed receiver, in the bankruptcy of Quinn Logistics Sweden AB, from taking control of the assets of the respondent- company; the application in C.A. No.1163 of 2013 had been preferred with the sole motive of intimidating the present/ex- employees of the respondent-company; under the agreement dated 04-05-2011, Rs.45,00,000/- was required to be paid to M/s. R.N. Marwah & Company by the respondent-company for having provided services; the liability was admitted by the appellants that, although the amount was due to M/s. R.N. Marwah & Company, the respondent-company was unable to pay the dues because of its financial condition; the question of action being initiated against the appellants, for having committed perjury, does not arise; the EGM proceedings dated 18-02-2012 are not within their knowledge; it is denied that the documents filed by Mack Soft contained an audit report of Mack Soft dated 29-06-2011 issued by Sarath and Associates, Chartered Accountants for the year ending 31-03-2011; the respondent-company used to be the holding Company of Mack Soft; however fresh equity was issued by Mack Soft in June, 2011 to Mecon FZC, and the share holding of the respondent-company was transferred in August, 2011 to UCA Logvis AG; as on date the respondent-company is not a shareholder of Mack Soft; the dispute, relating to these transactions, is pending adjudication before the District Court, Ranga Reddy in O.S. Nos.21 of 2012 and O.S. No.1303 of 2013; as per the audit report, a balance loan of Rs.62,91,40,790 is pending in the books of Mack Soft as payable to the respondent-company; and this liability towards the respondent-company is also reflected in the balance sheet of Mack Soft dated 31-03-2012. The appellants denied that, in accordance with the audit report, the respondent-company had sufficient assets in terms of money owed to it by Mack Soft, or that they had falsely admitted liability towards the petitioner and had collusively obtained a winding up order against the respondent-company. The appellants also denied that the respondent-company was now under the management of Sri Robert Dix, Sri Paul Mc. Gowan, and Sri Bryan O' Neil who were unanimously appointed as Directors at the EGM held on 18- 02-2012, and subsequently confirmed at the EGM of the respondent-company convened on 29-07-2013 wherein the shareholders had also conferred authority on them to institute legal proceedings on behalf of the respondent-company. According to the appellants, the facts narrated above clearly showed that the affidavits dated 16-02-2012 and 13-06-2012 had truthfully and honestly mentioned the correct financial condition of the respondent company; and there was no falsity in the averments made by them.