SANJIB BANERJEE,SUVRA GHOSH,J. - (1.) The Court : The appeal and the cross-objection arise out of a creditor's winding-up petition for a claim in the sum of Rs.32 lakh.
(2.) The appellant company admittedly received the sum of Rs.32 lakh between February and June, 2011. According to the appellant, both in the reply to the statutory notice and its affidavit used in the company Court, such loan was necessary to execute a large order that it had received. The company claims that the petitioning creditor is controlled by son and father Sarafs who also have proprietorship concerns by the name of Balaji Enterprises and Balaji Engineering Company. The two Balaji entities, according to the company, were regular clients of the company in the sense that the company would manufacture and supply transformers to the Balaji firms and there were constant transactions in such regard.
(3.) The oral agreement pleaded by the company is that the repayment of the sum of Rs.32 lakh was to be made by adjustment against supplies of transformers effected to the two Balaji firms. By way of security, the company claimed to have made over five undated cheques for Rs.5 lakh each and one cheque dated December 3, 2012 for a further sum of Rs.5 lakh. The balance amount of Rs.2 lakh, according to the company, was to be adjusted against the credit balance then in favour of the company qua the Balaji firms.;