VOLTAS LTD Vs. B J N HOTEL LTD

JUDGEMENT

(1.) THE petitioner has filed this petition for winding up of the respondent-company on the ground that the respondent is due in a sum of Rs. 3,77,950 together with interest at 24 per cent. per annum on the ground that the respondent is unable to pay the debts.

(2.) THE respondent after service of notice entered appearance and filed detailed statement of objections contending that the respondent-company is commercially solvent and there is no agreement between them to pay interest. Today, the respondent has come forward to pay the aforesaid amount claimed in the company petition. Accordingly, they have handed over a demand draft for a sum of Rs. 3,56,000 bearing No. 212499 dated November 25, 2003, drawn on dhanalakshmi Bank Ltd. in favour of the petitioner and another demand draft for Rs. 22,000 bearing No. 725321 dated December 5, 2003, drawn on State Bank of India in favour of the petitioner towards full and final settlement of the claim of the petitioner.

(3.) HOWEVER, the petitioner accepting the aforesaid demand drafts contends that the respondent is liable to pay the interest from the date of the petition. In view of the fact that the entire amount claimed in the petition is paid by the respondent, I am satisfied that the contention of the petitioner is that the respondent is unable to pay the debt is falsified and it also substantiates the contention of the respondent that they are commercially solvent. Therefore, the petition filed cannot be entertained further.