RAJESH & CO Vs. RAVISSANT (P.) LTD

JUDGEMENT

(1.) This appeal under Section 483 of the Companies Act, 1956 impugns the order dated 24th February, 2012 of the learned Company Judge dismissing Co. Pet No. 63/2001 preferred by the appellant under Section 433(e) r/w Sections 434 and 439 of the Act for winding up of the respondent Company. The appellant claims, the respondent-company to be indebted to it in the sum of Rs. 17,26,952/-, towards price of the fabric supplied by the appellant to the respondent-company and which liability was admitted by the respondent Company in its letter dated 26th March, 1998 to the appellant.

(2.) The respondent-company in response to the statutory notice of winding up has also in the reply to the winding up petition, set up a case of adjustment; it is stated that M/s RMP Fabrics, being a sister concern of the appellant herein owed monies to M/s Indian Handicrafts, a sister concern of the respondent Company.

(3.) It is the case of the appellant before us, as was also was before the learned Company Judge that the case of M/s RMP Fabrics owing money to M/s Indian Handicrafts is highly improbable and unbelievable and a sham. Without prejudice to the said plea it was/is also contended that once liability is unequivocally admitted by the respondent-company to the appellant, adjustment with the transaction of other concerns which are independent legal entities could not have been made.