A.K.Banerji, J. - (1.) By means of this company petition filed under sections 433(e) and 434(1)(a) of the Companies Act, 1956 ('the Act') the petitioner Kanpur Plastipack Limited (Petitioner) has prayed for winding-up of the company Chemicals and Fertilizers (P.) Ltd. (Respondent-company), on the ground that the said company is unable to pay its debts.
(2.) The petitioner's case in brief as set out in this petition is that the respondent-company purchased from the petitioner HDPE Bags amounting to Rs. 6,44,625. The respondent-company gave four cheques to the petitioner which were dishonoured by the bank with the remarks 'refer to drawer/funds insufficient.' The petitioner approached the respondent- company to make payment. The respondent thereafter made payment to the tune of Rs. 3,70,000 against the outstanding principal dues of Rs. 6,44,625 besides interest @ 24 per cent per annum. For the balance amount of Rs. 2,74,625 per cent the respondent again issued a cheque which was returned with the endorsement 'since account closed by the drawer'. The petitioner served a statutory notice only on respondent- company at its registered office by registered post. Despite the receipt of the same, the respondent-company failed and neglected to pay the amount, hence, the present petition for the relief mentioned above.
(3.) On notice being issued, the respondent-company put in appearance and filed a counter affidavit wherein they have not denied that they are indebted to the petitioner-company for a sum of Rs. 2,74,625 but denied their liability to pay interest. It was also alleged that the respondent- company has every intention to make payment. However, on account of some financial constraints it has not been able to do so. It was further alleged that after the receipt of the statutory notice dated 18-1-1997, the Chairman of the respondent-company had talked with Mr. M.S. Agarwal, Managing Director of the petitioner-company and it was agreed that the amount could be paid in instalments. Therefore, the present petition which has been filed with ill motive deserves to be dismissed.;