HINDUSTAN ORGANIC CHEMICALS LTD Vs. APPOLLO TRADE LTD

JUDGEMENT

(1.) THE present petition is filed under section 434 of the Companies Act, 1956 for winding up of the respondent company on the ground that the company is unable to pay its debt.

(2.) ACCORDING to the petitioner, pursuant to the orders placed by the company from time to time the petitioner supplied to the respondent diverse quantities of phenol. It is further case of the petitioner that in respect of the said supply of goods an amount was due and payable by the company to the petitioner. According to the petitioner the said amount was liable to be paid within the period of 60 days from the date of supply of the goods under each of the invoice. According to the petitioner, after the period of credit is expired i. e. 60 days, the petitioners are entitled to levy 2% what is known as delayed payment charges. For the aforesaid claim of 2%, the petitioners are relying upon the printed clause on the invoice which inter alia reads as under :

(3.) ACCORDING to the petitioner, the petitioner supplied the goods as per the orders placed from time to time. However, the respondent company has failed and neglected to effect payment in respect of the aforesaid supplies. According to the petitioner, insofar as the principal amount is concerned, the entire amount has been paid save and except the balance principal amount of Rs. 1 lac and odd in respect of two of the invoices. Whereas, according to the respondent company, the entire principal amount is fully paid off and the dispute only pertains to delayed payment charges.