Y.P. ASSOCIATES Vs. PAWAR TEXTILES (P) LTD.

JUDGEMENT

(1.) M/s Y.P. Associates have filed the present petition, under section 433, read with section 439 of the Companies Act, 1956, hereinafter called the Act, for winding-up of Pawar Textiles (Pvt) Ltd., in short, the company, on the ground that, it is unable to pay its debts.

(2.) Petitioner's case, as set up in the petition, is that the company appointed petitioner, as the sole contractor, for the construction of a building, at the site, in industrial belt, situated in sector 36, village Mohammadpur Jharasa, Gurgaon, Haryana. A letter of intent dated May 1, 1983, was placed on petitioner. The total area of construction of the building was 17,738 sq. ft. and the total cost was Rs. 13,75,000.

(3.) A formal agreement dated May 3, 1983, was entered into between the parties. In the latest plan, the total covered area was increased from 17,738 sq. ft. to 21,075 sq. ft. and the cost of construction was accordingly increased to Rs. 16,33,675.