- (1.) This application under section 466 of the Companies Act, 1956, is at the instance of the company praying for stay of the winding up proceeding. At the time of moving the said application the applicant-company candidly accepted its liability of payment of Rs. 1.65 crores to Shilpa Sanei and Rs. 20 lakhs to G.S. Fertilisers P. Ltd., and a further sum of Rs. 50 lakhs to the petitioning-creditor. When the matter again appeared on June 12, 2013, the petitioning-creditor submitted that they have no subsisting claim against the company because of the subsequent agreement. However, the company prays for two instalments to pay off the entire principal amount due to Shilpa Sanei and handed over two demand drafts covering the entire claim of G.S. Fertilisers P. Ltd., to the advocate of the said creditor. The company also handed over a demand draft of Rs. 82,50,000 being the half of the principal amount due to Shilpa Sanei and handed over the sum to the advocate-on-record of the said creditor. The court records those payments and directed the company to pay off the balance principal amount due to Shilpa Sanei within four weeks from date and kept the point relating to the claim of interest open and to be decided subsequently. Today the company hands over the demand draft of the rest of the principal amount to the advocate-on-record of the Shilpa Sanei and submits that those creditors are not entitled to claim any interest on the said amount.
(2.) Both the creditors, namely G.S. Fertilisers P. Ltd., and Shilpa Sanei, submit that the money were unreasonably withheld by the company and therefore, the creditors are entitled to claim the interest. There is some disputes raised with regard to the claim of Shilpa Sanei for the interest as those dues relate to the supply of the goods and there is no corresponding agreement for payment of the interest.
(3.) According to the company, the claim of Shilpa Sanei does not relate to inter-corporate deposit as submitted by the advocate on an earlier occasion.;