- (1.) THIS petition has been filed by the petitioner under Section 433 of the Companies Act, 1956, for ordering winding up of the respondent company.
(2.) IT is stated in the petition that the petitioner filed a suit for recovery of Rs. 3,20,138. 67 against the respondent. A compromise was arrived at between the parties therein according to which it was agreed that the respondent would pay Rs. 1,47,072 in six quarterly instalments starting with April 30, 1984, and ending on July 30, 1985. The first instalment would be of Rs. 22,072 (which was paid in the court) and the other instalments would be of Rs. 25,000 each. It was further agreed that in case the defendant defaulted in payment of any of the instalments by the due date, the petitioner would be entitled to recover the whole of the amount, namely, Rs. 3,20,138. 67. It is alleged that the respondent did not pay any of the instalments, in spite of notice under Section 434 of the Companies Act.
(3.) THE petition was contested by the respondent. However, it was admitted by it that a decree in the aforesaid terms was passed by the Subordinate Judge, Chandigarh, in favour of the petitioner.;