- (1.) THIS appeal is directed against the order passed by the learned Company Judge on 13th July, 2005 in Company Petition No. 5 of 2003, which was a petition under Sections 433 and 434 of the IndianCompanies Act, 1956 , filed by Damodar Valley Corporation (hereinafter referred to as "D.V.C."} for winding up of the appellant Company Akshaya Technologies Private Limited, Jharkhand.
(2.) ADMITTEDLY , the appellant Company had obtained supply of electricity from D.V.C. and had defaulted in payment of its dues which was quantified by D.V.C. as Rs. 3,37,004.06 on account of bills and a further sum of Rs. 2,59,65,004 / - on account of Delayed Payment Surcharge and additional interest at the rate of two per cent per month. In the winding up petition, it was mentioned that although the appellant Company agreed to pay the outstanding dues in twenty instalments, after payment of some of the instalments, it discontinued the payment of the other instalments, as a result whereof, D.V.C. was compelled to file the winding up petition.
(3.) THE matter was contested on behalf of the appellant Company before the learned Company Judge mainly on account of the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 and in particular Sec.22 thereof.;