1. The present petition has been preferred under Sections 433, 434 and 439 of the Companies Act, 1956, seeking an order of winding up of the respondent Company, on the ground that in spite of several reminders and even after the issuance of a statutory notice, it has not come forward to pay its debts to the petitioner Company, and is unable to pay the amount of Rs.43,99,450/- that is outstanding.
2. Heard Mr.Divyesh Sejpal, learned advocate for the petitioner, and perused the averments made in the petition.
3. It is submitted by the learned advocate for the petitioner that both the petitioner Company and respondent Company are in the business of manufacturing chemicals. The respondent Company placed two purchase orders on 25.04.2011 and 27.08.2011, upon the petitioner, for purchase of Aminophemoxyester for the quantity of 4000 K.G. and for P-Aminobenzoic Acid Methylester of 2500 K.G., respectively. The purchase orders have been annexed (at Annexures-A and B to the petition). It is further submitted that the respondent Company has admitted that the amount, as mentioned in the petition, is due to the petitioner, as is evident from its communications annexed at running Page Nos.15, 16 and 22 of the petition. The learned advocate for the petitioner has further contended that the respondent Company has, time and again, assured the petitioner that the payment will be made, but to no avail. A statutory notice was issued to the respondent on 27.02.2012, asking for payment, with interest at the rate of 18%. However, there is no response to the said notice. It is further contended that the respondent Company is commercially insolvent and is unable to pay debts, and if ad-interim relief is not granted, the petitioner would suffer great and irreparable loss.
4. Issue Notice, returnable on 31.07.2012.
5. Ad-interim relief in terms of Para-18(D), is granted, till then.
(Smt.
Abhilasha Kumari, J.) rakesh/ Top