I.P.MUKERJI,J. - (1.) This is a winding up application at the stage of admission. The petitioning creditor as well as the respondent company are engaged in the sale of software.
(2.) The case of the petitioner is founded on two heads. One is on account of unpaid price of software sold and delivered by them to the company. The other is on account of money advanced by them to the company and not re-paid by them. The first part of the case is like this. On 1st March, 2012, 7th March, 2012, 11th March, 2013, 14th March, 2013, 25th March, 2013 and 30th March, 2013 they raised invoices on the respondent company, in respect of their purchase orders for Rs. 15,94,00,782/-. Those related to the sale of software of study materials for students of class V to X of schools affiliated to the CBSE Board. From time to time between 31st March, 2012 and 26th March, 2014 the company made payment of a sum of Rs. 10,73,53,520/-, leaving a sum of Rs. 5,20,47,262/- due and payable by them to the petitioning creditor. The second transaction is like this.
(3.) The petitioning creditor, between 17th September, 2012 and 22nd March, 2013 claims to have advanced a sum of Rs. 6,47,91,950/- to the company against supplies made or to be made by them. On 7th February, 2012 the respondent company supplied goods worth Rs. 1,72,06,800/- and on 28th February, 2013 supplied goods worth Rs. 2,86,95,234 aggregating to Rs. 4,59,02,034/-. Therefore according to the petitioning creditor the company enjoyed a sum of Rs. 1,88,89,916/- as advance. Rs. 5 lakhs were returned by them, leaving an advance of Rs. 1,83,89,916/- , refundable to the petitioning creditor.;