JASTI CHELAMESWAR, CJ. - (1.) THIS Company Appeal arises out of an order dated 19. 11. 2008 in Company Petition No. 10 of 2002.
(2.) FOR the purpose of the present the full factual details of the company petition may not be necessary and we shall state only those facts which are relevant. The respondent herein, a company incorporated in America, filed the abovementioned company petition under Sections 439, 433 (e) and 434 (1) (b) of the Companies Act praying that the appellant, a company registered in India under the Companies Act, be wound up on the ground that the appellant company is unable to pay its debts.
(3.) PURSUANT to an agreement between the parties, the appellant herein supplied one of its products known as marine teak plywood to the respondent. On the ground that the materials supplied by the appellant were defective the respondent herein instituted a suit in the United States District Court, Middle District of North Carolina. The further details of the suit are not necessary for the present except to state that eventually the said suit came to be decreed on 12th April, 2001 for a sum of $ 22,57,147. 58 US.;