- (1.) This is an application under Sections 433, 434 and 439 of the Companies Act, 1956. The petitioner claims that a sum of Rs. 1,16,67,100/- (together with interest at the rate of 18 per cent per annum till March 31, 2013) is due from the company to the petitioner, which the company failed and neglected to pay in spite of statutory notice having been served on the company. As such the petitioner contends that the company is deemed to be unable to pay its debts and is liable to be bound up.
(2.) The case of the Petitioner: By a Letter of Intent dated May 24, 2011, the company had awarded to the petitioner the work of supply and installation of loose and fixed furniture for the guest rooms in the hotel being built by the petitioner at Calcutta under franchise from Taj Gateway Hotels for an initial contractual sum of Rs. 3,40,00,000/- on the terms and conditions contained in the Letter of Intent. In pursuance of the Letter of Intent the petitioner had delivered and installed the required furniture for the hotel rooms and submitted its running invoices on diverse dates for payment. The petitioner raised the final invoice on 29th September, 2012 for a sum of Rs. 3,35,02,389/-.
(3.) Apart from the aforesaid, at the company's request the petitioner had executed, delivered and installed additional quantities of existing work order as also new items as required by the company, to the tune of Rs. 69,65,458/- and raised two invoices for the same both dated June 19, 2012. Such invoices were duly accepted by the company. In this connection, the petitioner refers to and relies on E-mails dated June 20, 2012 sent by the company (copies whereof are at page 64 of the petition and page 59 of the affidavit-in-opposition).;