THE HON’BLE SRI JUSTICE C.V. NAGARJUNA REDDY COMPANY PETITION No.169 of 2013 Dated: 15.04.2014 Between:
M/s. VINS Bio Products Ltd. Rep. by its Director Mr. Ajit Nair.
.. Petitioner and M/s. BIOVIZ Technologies Pvt. Ltd.
Rep. by its Director Mr. P. Hemanth Kumar.
.. Respondent Counsel for the Petitioner: Mr. Srikanth Kaveti Counsel for the Respondent: None appeared The Court made the following:
ORDER:
This company petition is filed for ordering winding up of the respondent for non-payment of the debt due to the petitioner.
At the hearing, Mr. Srikanth Kaveti, learned counsel for the petitioner, submitted that after filing of this company petition, the respondent has paid the entire principal amount of Rs.14,95,000/-.
He has further stated that as there is a delay of about 1½ years in payment of the principal amount, the respondent is liable to pay interest. The learned counsel, while stating that the agreement between the parties stipulated 30 days’ time for payment of the principal amount representing the value of goods supplied by the petitioner, is, however, unable to show any clause in the agreement under which the respondent has undertaken to pay interest. In the absence of such clause, the debt claimed by the petitioner will become a disputed debt, for which a civil suit is an appropriate remedy.
In this view of the matter, without expressing any opinion on the petitioner’s entitlement for claiming interest, the company petition is closed, with liberty to the petitioner to avail a civil remedy for recovery of interest allegedly due to it from the respondent.
C.V.NAGARJUNA REDDY, J 15th April, 2014 IBL