- (1.) The petitioner is a Company incorporated under the laws of South Africa and through this petition under Section 433, 434 and 439 of the Companies Act, 1956, it seeks the winding up of respondent-Company on the ground of inability to pay the principal debt of US $53,228.15 along-with interest @ 24% per annum.
(2.) The brief facts which are broadly not in dispute may be noticed. The respondent-Company is incorporated under the Companies Act, 1956 and its Registered Office is at Ludhiana [Punjab]. The respondent placed an order of supply of 60 Bales of Scoured Mohair [Wool], weighing 9831 Kgs. with the petitioner vide purchase Order No. 073/96 dated 30.03.1996. The material was to be supplied @ US $6.07 per kilogram amounting to US$63,228.15. The consignment was to be shipped to Mumbai and the payment was to be made within ninety days from the date of Bill of Lading. The petitioner shipped the goods from South Africa to Mumbai under the invoice dated 10.09.1996 which were got released by the respondent from Mumbai port. It appears that due to adverse market conditions where Hosiery market had crashed, the respondent could not make payment of the due amount as per the agreed terms and sought extension vide letter dated 08.08.1997 [Annexure P-5] with a promise to pay US $10,000 before 30.09.1997 and the balance amount before 30.12.1997. The respondent after paying US $10,000/- requested the petitioner vide letter dated 19.01.1998 [Annexure P-6] to extend the period of payment till 30.04.1998.
(3.) The respondent-Company, however, did not pay anything towards the balance liability within the extended period also and sent another request dated 11.08.1998 [Annexure P-7] promising the petitioner to pay the remaining dues as per the following schedule:- "US $ 8228.15 in September,1998 US $ 15000 in December,1998 US $ 15000 in January, 1999 US $ 15000 in February, 1999" The respondent sent one more letter dated 31.08.1998 [Annexure P-8] to the Indian representative of the petitioner assuring to remit the balance payment as per the schedule given above.;