- (1.) The claim of the petitioning creditor is on account of dues from its distribution agent. The petitioner relies on the communication by electronic mail between the parties in April, 2009 as unequivocal admission on the part of the company to make payment of the dues as claimed by the petitioner. The petitioner first refers to a mail sent at 12:12 p.m. on April 23, 2009, by the company to the petitioner. The company has not questioned the authenticity of the mail. The company had proposed to pay the petitioner its dues in a phased manner between June and September, 2009 in tranches of 20 per cent., 25 per cent., 25 per cent, and 30 per cent., respectively. After making the said commitment, the company asserted as follows: Meanwhile I would request you to please make sure that all claims given to you are processed and reduced from a/r.
(2.) The petitioner replied on April 24, 2009, forwarding what was called a final counter proposal. The petitioner proposed that the company pay to the petitioner sums of Rs. 49,00,000 on April, 25 and May 15, 2009 and sums of Rs. 71,11,716.55 on the 15th day of the four succeeding months. The total amount which the petitioner required the company to pay was Rs. 3,82,46,866.21.
(3.) Within a couple of hours of the petitioner's aforesaid mail being received by the company, it replied as follows: I had given you the payment plan which I feel was possible from our side. I would once again request you to please accept our payment plan and confirm so the initial payment could be made before the commit (sic) day. The intent is to pay the basis that I had committed dates below. Request your understanding and co-operation and an confirmation.;