The Hon’ble Sri Justice C.V.Nagarjuna Reddy Company Petition No.145 of 2011
Dated 21.04.2014
Between:
M/s.Greaves Cotton Limited, 6-2-47, A.C.Guards, Hyderabad Rep. by its Authorised signatory S.Jayaraman …Petitioner And M/s.Ganesh Technologies Pvt. Limited, Flat No.20, Ganga Plaza, Vasavi Nagar, Karkhana, Secunderabad, Rep. by its Managing Director.
…Respondent Counsel for the Petitioner: Mr.Arun Kumar Doddla for Mr.Vedula Srinivas Counsel for the Respondent: Mr. G.B.S.S.Papa Rao The Court made the following:
Order:
This Company Petition is filed for winding up of the respondent- Company for non-payment of the debt due to the petitioner- Company.
This Court has earlier admitted the Company Petition, against which the respondent filed OSA.No.11 of 2012. Today, at the hearing, it has come out that out of the sum of Rs.31,28,225/- claimed by the petitioner, the respondent has paid Rs.28 lakhs representing the principal amount.
Mr.Arun Kumar Doddla, learned Counsel representing Mr.Vedula Srinivas, learned Counsel for the petitioner, stated that the respondent is liable to pay interest for delayed payment of the amount to the petitioner and that the same will come to Rs.3,26,000/-. He further stated that as per the invoices raised by his client, the respondent shall pay interest @ 15% p.a., on all the payments made after 30 days of delivery of goods.
In my opinion, whether such a condition in the invoice has the effect of an agreement between the parties is a disputed issue, which needs to be adjudicated by the competent civil Court. As the respondent has paid the entire principal amount due to the petitioner and the petitioner’s entitlement to receive payment of interest needs adjudication by the competent civil Court, no further adjudication of the Company Petition is necessary.
Accordingly, the Company Petition is closed, however, with liberty to the petitioner to avail appropriate remedy, in the event it intends to press its demand for payment of interest and the respondent disputes its liability to pay the same.
(C.V. Nagarjuna Reddy, J) 21st April, 2014
LUR