- (1.) These are winding up applications U/S 433, 434 and 439 under the Companies Act, 1956. The transactions which are the subject matter of these applications are very similar. All the above applications can be disposed of by this common judgement and order. As far as the facts are concerned, I will narrate those of C.P.No.86 of 2014, In the matter of: Concast Exim Ltd, Re: R.A.V Dravya (P) Ltd.
(2.) This winding up application is founded on a sale transaction which took place between the parties between July, 2011 and August, 2011. In this period, according to the averments made in the petition, the petitioning creditor sold and delivered to the Company diverse quantities of iron and steel materials. Delivery would be at the godown of the petitioning creditor. The goods were accepted and consumed. Invoices of the value of Rs.6,18,91,744/-, were raised by the seller on the buyer. A table showing the details of all those invoices together with the copies of the invoices are annexed to the petition. Copies of the value added tax returns showing payment of this tax on the entire quantity of goods is also annexed to the petition. A statutory notice dated 11th December, 2013, U/s 434 of the said Act, was issued by the petitioning creditor to the Company, asking them to pay up the above invoice value together with interest @ 24% per annum, within three weeks from the date of the notice, failing which the petitioning creditor would be constrained to initiate winding proceedings against them.
(3.) It is an admitted fact that the Company neither paid what was demanded of them nor bothered to reply to the statutory notice. On the failure of the Company to reply to the said statutory notice a presumption of insolvency arises by the operation of Section 434 (1)(a) of the said Act.;