ANIL PRATAP SINGH Vs. ONIDA SAVAK LIMITED

JUDGEMENT

(1.) The Petition has been filed under Section 433(e) and 434 (1)(a) of the Companies Act praying for the winding up of the Respondent Company on the ground that it is indebted to the Petitioner for a sum of Rs.10,62,022.96 as on 31.8.1997. It has been averred that the statutory notice dated 6.10.1997 claiming the afore-mentioned sum of money, comprising Rs.6,18,035.00 as the principal sum and Rs.4,43,987.96 as interest was outstanding against various bills raised for providing advertising services to the Respondent Company by the Petitioner.

(2.) Admittedly, the statutory notice was duly replied to in terms of the letter dated 27.10.1997. In it, reliance was placed on letter dated 24.4.1995 written by the Petitioner to M/s. Adonis (India) Ltd. which is undisputably a sister concern of the Respondent Company. It reads as follows:-

(3.) A perusal of the said letter dated 24.4.1995 will make it abundantly clear that the qualification sought to be recorded therein was that no deductions or adjustments in respect of the Petitioner's Bills beyond 1.4.1995 would be considered. It is a clear admission, otherwise that common claims and adjustments had been regularly made.