- (1.) THIS appeal has been preferred against order of learned Company Judge admitting the winding up petition, holding that the Appellant was unable to pay its admitted debts.
(2.) CASE of the Respondent -original Petitioner was that it was granted decree for recovery of Rs. 16,52,957/ -with interest @ Rs. 20.25/% per annum from the date of filing of the suit till payment. The suit was filed in the year 1995. It appears that there is a mistake in noting this fact in the impugned order of learned Company Judge (to effect that interest was payable only after the date of decree till payment). Cause of action in the suit was non -payment of price of goods supplied to the Appellant. After statutory notice was served, the Appellant Company failed to pay the amount. The stand of the Appellant was that the non -payment was for valid reasons. Though some material was received, the same was rejected. The company was in good financial health. The Appellant, however, admitted its liability to the extent of Rs. 4,47,586/ -.
(3.) LEARNED Company Judge held that there was no valid reason for non -payment of amount covered by the decree and unsatisfied decree could be treated as debt.;