Heard Mr.Viral K.Shah, learned advocate for the petitioner. It is submitted that the petitioner-Company had supplied MS Plates, MS Sheets, Structural Steels and other materials to the respondent-Company. Against the total business transactions of Rs.6,26,48,559/-, the respondent has made the payment of Rs.4,71,63,042/-. However, the respondent still owes the petitioner, Rs.1,54,85,517/-. That, the respondent has accepted this liability and has issued 20 cheques in favour of the petitioner on different dates, assuring the petitioner that the said cheques will be honoured. Upon presentation of the cheques, 19 out of 20 cheques have been dishonoured. The last cheque bears the date of 20.10.2012, therefore, it is still to be presented to the Bank. It is further submitted that the petitioner has issued a statutory notice dated 25.08.2012 to the respondent to which the respondent has replied on 14.09.2012, taking a stand that the said Company is a Sick Company and its case is registered with the Board of Industrial Finance Reconstruction (BIFR). However, no papers or other details have been provided by the respondents as to this aspect.
Issue Notice returnable on 29.11.2012.
(Smt.
Abhilasha Kumari, J.) (sunil)