- (1.) This is a petition filed under Sections 433(e), 434 and 439 of the Companies Act, 1956, for winding up of the respondent-company. The pleaded case of the petitioner is that the petitioner is a registered partnership firm having its Head Office at Mehrian Bazar, Fazilka, District Ferozepur. It is carrying on the business of supply of cotton with branch offices situated at Muktsar and Kot-kapura. The respondent-company is having its registered office at Village Iran, District Ludhiana and is carrying on besides others the business of Synthetic and wool blended hosiery and knitting yarns.
(2.) The petition was filed alleging that the petitioner-firm had supplied cotton through branches situated at Muktsar and Kotkapura to the unit of the respondent-company situated in Village Iran, District Ludhiana, and as on 31.3.1999, a sum of Rs. 61,51,625.75 and Rs. 81,46,636.57, along with interest @ 24% per annum were due to Muktsar and Kotkapura branches, respectively of the petitioner.
(3.) The aforesaid balance was confirmed by the respondent-company vide letters, Annexures P-5 and P-6. Further referring to letters, Annexures P-7 and P-8, it was stated that payment of interest @ 21.6% per annum as against 24% per annum raised by the petitioner was confirmed by the respondent-company.;