- (1.) THIS is a petition under Section 439 read with Section 433 and Section 434 of the Companies Act, 1956 (for short "the Act" ). Brief facts : The respondent-company had been purchasing steel ingots and flats of various specifications from the petitioner. A running account was maintained.
(2.) A sum of Rs. 2,38,910 became due from the respondent which was not paid after service of statutory notice. The petitioner filed C. P. No. 166 of 1983, for winding up the respondent-company for non-payment of the debt due. The petition was disposed of by the learned company judge with the following observations : "the parties have entered into a compromise. In view of the same, learned counsel for the petitioner prays that this petition may be dismissed as withdrawn. I order accordingly. It is further prayed that the whole of the amount compromised has not been paid so far, so the petitioner may be allowed permission to file a fresh petition if the amount is not paid according to the compromise. The prayer is allowed and the petition is dismissed with permission to file a fresh petition in case the compromise falls through. "
(3.) THE respondent-company paid a sum of Rs. 35,000 in August, 1985, and a sum of Rs. 10,000 by cheque dated July 13, 1985. All the payments made by the respondent were duly credited in its accounts and after accounting for these payments, a sum of Rs. 2,25,886 is due from the respondent. The petitioner also filed a statement of accounts of the respondent. The petitioner claimed interest at the rate of 18 per cent per annum with effect from April 1, 1986. Thus, the total amount inclusive of interest comes to Rs. 3,09,636 which is payable by the respondent.;