G.S.SINGHVI,J. - (1.) THIS is a petition filed by Kitply Industries Pvt. Ltd. with a prayer that the respondent, Hari Narain and Sons Pvt. Ltd., be ordered to be wound up under Section 433 read with Sections 434 and 439 of the Companies Act, 1956.
(2.) THE case set up by the petitioner is that it is carrying on the trade of manufacture and sale of various qualities of ply all over the country. The respondent -company is engaged in the business of manufacture of bus bodies for the Rajasthan State Road Transport Corporation and for manufacture of bus bodies wooden ply of various qualities is being used. The petitioner -company supplied various quality of ply to the respondent on various occasions for a period of three years. However, payment of the bills dated July 25, 1989, September 10, 1989, October 3, 1989, January 19, 1990, February 19, 1990, and March 9, 1990, for a sum of Rs. 1,74,560 have not been made by the respondent. After a notice had been given by the petitioner on April 1, 1992, a sum of Rs. 50,000 was paid by the respondent, vide draft No. 480138 on April 8, 1992, drawn on the State Bank of India. The petitioner claimed that a sum of Rs. 2,69,806 was due to it as on March 27, 1992 (principal amount of Rs. 1,74,560 and interest amounting to Rs. 95,246. Notice dated April 1, 1992, was sent by the petitioner to the respondent and a reply to the said notice was sent by the respondent on April 20, 1992, through its advocate. The petitioner has pleaded that after deduction of Rs. 50,000, the petitioner -company is still entitled to get Rs. 2,19,806, but the respondent has failed to make payment of the amount. According to the petitioner, it was specifically mentioned on the bills that if the amount was not paid, interest will be charged from the respondent -company. Despite this, payment was not made in time and, thus, the petitioner has become entitled to claim interest at 21 per cent. per annum. The further case of the petitioner is that despite service of statutory notice, the respondent has failed to make payment of the amount and, thus it has made itself liable to be wound up. A notice of this petition was issued on May 8, 1992, to show cause as to why the company may not be wound up. Reply to the petition has been filed on May 10, 1992, and therein it has contested the claim of the petitioner about the quantum of amount due from the respondent.
(3.) DURING the pendency of the petition, the respondent -company filed an application dated October 22, 1992, along with it, it submitted some documents indicating payment of Rs. 85,000, vide cheque Nos. 21793 and 22014 dated August 6, 1992, and September 30, 1992, respectively.;