HINDALCO INDUSTRIES LIMITED Vs. BHORUKA ALUMINUM LIMITED

JUDGEMENT

(1.) This petition is filed by the petitioner under Sections 433 (e) and (f) and 434 of the Companies Act, 1956 seeking for an order of winding up of the respondent - Company - Bhoruka Aluminum Limited and to appoint the Official Liquidator attached to this Court as the Liquidator of the respondent - Company.

(2.) The petitioner as well as the respondent are Public Limited Companies incorporated under the provisions of the Companies Act, 1956 ('Act' for short). The respondent - Company was initially incorporated as "Karnataka Aluminum Limited" and subsequently changed its name to "Bhoruka Aluminum Limited" with effect from 02.07.1987.

(3.) It is the contention of the petitioner that aluminum material was supplied to the respondent -Company on a regular basis and the same was used by the respondent - Company for its day to day manufacturing activity of converting aluminum ingots to extruded products. The respondent used to make the payment as and when the supply was received from the petitioner. This mutual trading activity was carried on well till the time the respondent's financial position started deteriorating from the year 2009-10 and from then onwards the payment against petitioner's supply got derailed leading to an accumulated outstanding amount of Rs. 17,23,491.90.