MADHU TRADING COMPANY Vs. INTERNATIONAL INSTRUMENTS LTD

JUDGEMENT

(1.) This is a petition under s. 433(e) and (f) read with s. 439(1)(b) of the Companies Act, 1956 (hereinafter referred to as "the Act"). The petitioner's case is that a sum of Rs. 22,920.53 is due by the respondent-company in respect of certain stationery supplied against the order of the respondent-company. It is stated that the petitioner had issued a statutory notice to the respondent demanding payment but the amount claimed had not been paid within the period prescribed. Therefore, the prayer is to pass order winding-up the company as it is unable to pay its debts.

(2.) The petition has been resisted by the respondent-company. In the objections filed, the respondent has stated that one of its employees in collusion with the petitioner committed fraud and the bills referred to in the petition have been submitted against stationery not duly delivered to the respondent-company. The respondent has further pointed out the financial soundness of the company and its activities, actually demonstrating its commercial solvency with reference to the last audited balance-sheet of the company.

(3.) Sri Kolekar, learned counsel for the petitioner, had been permitted to file a reply controverting many of the allegations made against the petitioner in the statement of objections.