Soumen Sen, J. - (1.) RANDOM House Publishers India Pvt. Ltd., the petitioner, has filed this application praying for winding up of the Mehras Books Pvt. Ltd. (hereinafter referred to as the "said company").
(2.) THE petitioner is engaged in publishing, printing, and marketing of books. On September 4, 2009 the petitioner has entered into a 'Distributorship Agreement' with the said company whereby the said company was appointed as the non -exclusive distributor and reseller of books. The agreement was to remain valid till December 31, 2010 with the provision that, in the absence of any situation to the contrary, there would be automatic renewal for the period of one year each and could be modified through Addendum.
(3.) UNDER the agreement the Company was obliged to make payment within 150 days of receipt of invoices (135 days + 15 buffer days). Beyond this period, the Company would have to pay an interest of 1.5% per month. In case of delay in timely payments, beyond this specified period, the contract allowed the petitioner the unrestricted right to stop any/all pending supplies or order.;