M/S. AGROZAN INDIA PVT. LTD. Vs. M/S. AGRITRADE INDIA SERVICES PVT. LTD.
HIGH COURT OF BOMBAY
M/S. Agrozan India Pvt. Ltd.
M/S. Agritrade India Services Pvt. Ltd.
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M.S.SONAK, J. -
(1.) Heard learned counsel for the parties.
(2.) The challenge in this Appeal is to the order dated 29 th August 2016 made by the learned Single Judge dismissing Company Petition No. 916 of 2014, seeking winding up of M/s. Agri Trade India Services Pvt. Ltd. ( Company).
(3.) Mr. Shreyas Jayasimha, learned counsel appearing for the Appellant very ably submits that the material on record was more than sufficient to establish that the Company is due and payable to the Appellant (Petitioning Creditor) a sum of approximately Rs.3.92 Crores, towards the purchase of 11,637.203 MT of Yellow Peas. Mr. Jayasimha submits that there is acknowledgement that the cargo was duly supplied in a good condition and the outstanding balance towards such supply is approximately Rs.3.92 Crores. Mr. Jayasimha submits that the Company has raised false and frivolous defences, including, some defence by involving a third party. Mr. Jayasimha submits that such defences are really in the nature of "moonshine" and therefore, following the dictum of the Hon'ble Supreme Court in the case of Madhusudan Gordhandas and Co. vs. Madhu Wollen Industries Pvt. Ltd., AIR 1971 SC 2600 and Karnataka High Court in the case of Hegde and Golay Limited vs. State Bank of India, ILR 1987 Karnataka 2673, the learned Single Judge ought to have admitted the winding up petition.;
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