THE HON’BLE SRI JUSTICE C.V.NAGARJUNA REDDY Company Petition No.172 of 2012 Between:
Dated 28th April, 2014 M/s.Premier Transport Limited And M/s.Andhra Cements Limited …Petitioner …Respondent Counsel for the petitioner: Sri S.Sriram Reddy Counsel for the respondent: Sri Ch.Ramesh Babu The Court made the following:
ORDER:
This company petition is filed for ordering winding up of the respondent-company for non-payment of debt to the petitioner.
This case was adjourned on many occasions for the simple reason that there is no consensus ad idem between the parties on payment of interest. After prolonged negotiations, the respondent has agreed in principle to pay interest at the rate of 6% per annum. Again a dispute arose between the parties as to the date from which the interest is payable. According to the petitioner, interest is payable from the date on which it fell due, while it is the stand of the respondent that it will pay interest from the date of filing of the petition.
This Court during the hearing has expressed its annoyance at the attitude of the respondent in persisting with the dispute of trivial nature and seeking adjournments from time to time in the name of negotiations.
Sri Ch.Ramesh Babu, learned counsel for the respondent, submitted that if the petitioner gives in writing that it is agreeable for receiving interest at 6% per annum from the date when it fell due, his client will pay interest as per the calculation that may be given by the petitioner along with the balance principal amount of Rs.31,450/-.
In view of the above noted understanding between the parties, the company petition is closed in the following terms:
(1) the petitioner is permitted to send calculation statement for the balance principal amount and simple interest at the rate of 6% from the date when it fell due and
(2) within two weeks from the date of receipt of calculation statement from the petitioner, the respondent shall pay the amount to the petitioner under receipt.
As a sequel to disposal of the company petition, pending interlocutory applications, if any, shall stand disposed of as infructuous.
C.V.NAGARJUNA REDDY, J 28th April, 2014
VGB