THE HON’BLE SRI JUSTICE VILAS V. AFZULPURKAR C.P. NO. 47 OF 2012 Date of Judgment: 24.1.2014 Between:
M/s. Shree Arun Packaging Co. Pvt. Ltd …Petitioner And M/s. Cheminnova Remedies Private Limited ..Respondent THE HON’BLE SRI JUSTICE VILAS V. AFZULPURKAR C.P. NO. 47 OF 2012 ORDER:
Heard both sides.
This is a creditor’s winding up petition filed under Section 433 (e) of the Companies Act, 1956 wherein the petitioner company claims inability on the part of the respondent company to pay the claim amount of Rs.9,74,300/-. The basis of the said claim is founded upon the supplies covered by the invoices by the petitioner company to the respondent company.
The respondent company filed a counter-affidavit specifically stating in paragraph-5 that it is not denying the entire claim of the petitioner company, but pleaded that the material covered by certain invoices were never received by it and by further averment the respondent company admitted the receipt of materials under various invoices covering the period from 21.1.2010 to 13.3.2010 for total amount of Rs.6,84,864/-. The respondent company later filed an application seeking leave to file an additional counter. At that stage, the learned counsel for the petitioner company has filed a memo pointing out that out of the admitted amount, the respondent company has already paid a sum of Rs.5,80,000/- during the pendency of this company petition. The learned counsel for the respondent company has also filed a memo and to establish the bona fides of the respondent company, it has deposited a sum of Rs.2,89,000/- with the Registrar (Judicial) of this Court in terms of orders of this Court dated 24.12.2013 and 27.12.2013.
During the last hearing, however, it was pointed that as against the balance claim, a further amount of Rs.1,05,300/- would also be payable by the respondent company.
In effect, therefore, out of Rs.9,74,300/- claimed by the petitioner company towards principal in this company petition, the respondent company admitted a sum of Rs.6,80,000/- and made payments accordingly. To the extent of balance amount, however, since the respondent company is disputing the same, a sum of Rs.2,89,000/- was deposited with the Registrar (Judicial) of this Court as per the directions of this Court and a shortfall of Rs.1,05,300/- is sought to be deposited today by way of demand draft No. 607007, dated 24.1.2014 for Rs.1,05,300/- drawn on Induslnd Bank Ltd. in favour of the Registrar (Judicial) of this Court and it is accordingly ordered to be received by the Registrar (Judicial) of this Court.
Keeping in view the facts and circumstances of the matter and the interest component and part of the principal amount being deposited by the respondent company, and since the respondent company has demonstrated its ability to pay the debt by depositing the admitted amount as well as disputed amount, it is no more necessary to continue to entertain this company petition and the same is accordingly disposed of with the following directions,
1) That the amount of Rs.3,94,300/- which is in aggregate deposited with the Registrar (Judicial) of this Court may be permitted to be withdrawn by the petitioner company subject to furnishing security to the satisfaction of the Registrar (Judicial);
2) That withdrawal of any such amount by the petitioner company shall be subject to adjudication of the liability of the respondent company by an appropriate competent civil Court;
3) That the petitioner company shall be at liberty to approach the competent civil Court for adjudication of all its claims against the respondent company inclusive of interest and costs by filing an appropriately framed suit and he is at liberty to establish his claim in accordance with law;
4) That the parties are at liberty to negotiate and settle their existing disputes on mutually agreed terms and would be at liberty to make appropriate application before this Court for recording such settlement, if any;
Miscellaneous applications, if any pending, shall stand closed. There shall be no order as to costs.
VILAS V. AFZULPURKAR, J Dt. 24.1.2014 KR