- (1.) THIS is a petition under Section 433 read with Section 439 of the Companies Act, 1956 (for short "the Act"), for the winding up of the respondent-company.
(2.) THE brief facts are: On January 27, 1987, an agreement was arrived at between the parties. Pursuant to this, the petitioners supplied 100 trucks of bagasse. The rate per quintal was fixed at Rs. 24 exclusive of sales tax. Rs. 20,000 was paid by way of bank draft as advance. The total payment against supply comes to Rs. 3,95,521. 36. The representative of the petitioner-company met the managing director of the respondent-company for payment of the outstanding amount and it was promised that the same would be sent by July 27, 1987. Reminders were sent on July 28, 1987, August 11, 1987, and August 17, 1987, but they were of no consequence. On August 29, 1987, the respondent-company intimated to the petitioners that the payment will be released very shortly. The respondent-company, however, did not make the payment necessitating the issuance of notice under Section 434 of the Act. Despite notice no payment was made. The petitioners made a claim for the principal amount and interest at the rate of 18 per cent. per annum till January 31, 1988, which comes to Rs. 53,605. 52.
(3.) THE respondent in its reply took up the preliminary objection that the affidavit filed in support of the company petition was not in conformity with the rules, namely, the Companies (Court) Rules, 1959, and the petition was liable to be dismissed on this score alone. The respondent further submitted that after the supply of 100 trucks of bagasse, the petitioner-company wanted to send more supplies which the respondent-company was finding difficult to accept. They agreed to accept the extra material on the understanding that the payment would be deferred for 2/3 years. The material which was supplied over and above the agreed quantity of 100 trucks of bagasse was not in proper form and it was decomposed and was of no use to the respondents. The defects were pointed out to the petitioners and the latter agreed to the abatement of the price.;