IWAVE SYSTEMS TECHNOLOGIES PRIVATE LIMITED, Vs. HAL EDGEWOOD TECHNOLOGIES PRIVATE LIMITED

JUDGEMENT

(1.) This appeal filed under Section 483 of the Companies Act, 1956 read with Section 4 of the Karnataka High Court Act, 1961 is by the company petitioner in Company Petition No.109/2011 being aggrieved by the order of dismissal dated 12.06.2012 passed by the learned Company Judge, dismissing the winding up petition presented under Section 433(e) and 434 read with Section 439 of the Companies Act, 1956 (hereinafter referred to as 'the Act').

(2.) The company petition was filed mainly on the ground that the respondent company was unable to pay its admitted debts though invoice had been raised in respect of the products supplied and services rendered by the petitioner company and though as in the correspondence between the two companies this has not been disputed, but on the other hand it has been accepted by the respondent company having not paid which amounts to admission on the part of the company that it is unable to pay its debts due to the company petitioner and therefore fulfilling the requirements of Section 434 of the Act, the company should be wound up under Section 433(e) of the Act.

(3.) The amount said to be due from the respondent company to the petitioner is a sum of Rs.8,75,341/-. Though there was a correspondence on 2nd October 2009 the company having not paid the debts due to it and in spite of legal notice issued to the respondent company, the company having not paid the same it is submitted that the respondent company should be wound up.