J.S. Khehar, J. - (1.) THE petitioner has filed the instant petition under Sections 433 and 439 of the Companies Act, 1956, for the winding up of the respondent -company.
(2.) THE claim of the petitioner is based on the fact that the petitioner as a contractor in the field of civil works, interior and general construction has been engaged by the respondent -company since 1996, for carrying out various civil works and interior works at different offices and sites of the respondent -company. To authenticate that works were assigned by the respondent -company for execution to the petitioner, illustratively the petitioner has placed on record annexures P -1, P -3 and P -5, which are letters of intent for execution of various works at various sites. In response to the letters of intent annexures P -1, P -3 and P -5, the respondent -company is stated to have issued letters annexures P -2, P -4 and P -6 respectively affirming satisfactory completion of works. Having completed the various works assigned by the respondent -company to the petitioner, the petitioner raised bills demanding payment after due execution. On the receipt of the said bills, the respondent -company is stated to have paid certain amounts to the petitioner. In this behalf, it is pointed out that the respondent -company has maintained a running account depicting the amount payable by the respondent -company to the petitioner wherein the details of various payments already made to the petitioner have also been indicated. According to the running account, by March, 1998, a sum of Rs. 8,76,498.89 was payable by the respondent -company to the petitioner. The petitioner has also placed on record annexure P -7, i.e., the ledger maintained by the respondent -company with respect to the dues payable to the petitioner. The aforesaid ledger depicts a sum of Rs. 8,76,498.89 as payable by the respondent -company to the petitioner.
(3.) IT is the case of the petitioner that he repeatedly requested the respondent -company to release the balance payment. On each occasion, when the petitioner approached the respondent -company, he was informed that the respondent -company was in a financial crisis. He was, however, assured that the amount payable would be released when funds became available. On account of the efforts made by the petitioner to recover his dues, it is stated that a sum of Rs. 50,000 was released by the respondent -company to the petitioner in January, 1999. On account of the release of the aforesaid amount, a sum of Rs. 8,26,498.89 remained outstanding apart from interest with effect from April 1, 1998, till the date of realisation. In August, 1999, when the petitioner felt that the respondent -company would not discharge its liability by honouring its commitments to the petitioner, he addressed a statutory notice dated August 11, 1999, to the respondent -company. In the statutory notice under Section 434 of the Companies Act, 1956, the petitioner demanded the principal amount of Rs. 8,26,498.89 along with interest calculated at the rate of 18 per cent per annum from March 31, 1998, onwards till the date of payment within three weeks from the date of receipt of the aforesaid notice.;