G.C. Gupta, J. - (1.) This was a winding up petition presented by a creditor on the ground that the company is unable to pay its debts. The claim of the petitioning creditor is for balance price of the goods sold and delivered. The facts of the case briefly stated are as follows : - -
(2.) During the period between 23 -9 -1998 and 7 -6 -1999 the petitioning creditor sold and delivered goods worth Rs. 24,09,697 out of which the company paid a sum of Rs. 20,09,108.70 leaving thereby a balance of Rs. 4,00,598.30. The company by its letter dated 9 -6 -2000 wrote to the petitioning creditor as follows : - - "It has always been our sincere effort to pay your bills on time but due to certain unavoidable circumstances beyond our control we are unable to pay your dues on time. We regret to say that due to the untimely receipt of payments from the various State Electricity Boards, huge sums are blocked. However, we shall take every care to release your dues with the least possible delay. We regret the inconvenience caused to you. Thanking you and assuring you of our best attention always."
(3.) In spite of the aforesaid promise to pay the company did not pay the aforesaid dues of the petitioning creditor. In those circumstances, a notice under Sec. 434 dated 1 -7 -2000 was issued and thereafter the petition was present.;