RAJESH AND CO. Vs. RAVISSANT PVT. LTD.

JUDGEMENT

(1.) Present winding up petition has been filed under Section 433(e) read with Sections 434 and 439 of the Companies Act, 1956 stating that the respondent-company is unable to pay its debt allegedly amounting to Rs 17,26,952/-

(2.) The facts as stated in the present petition are that the petitioner-firm had supplied fabric to the respondent-company on regular basis from 1996 onwards and as per the reconciliation of accounts for the period from 1 st April, 1997 to 31 st March, 1998, a sum of Rs 17,26,952 was due and payable by the respondentcompany, which the respondent-company had failed to pay, hence this petition.

(3.) Mr. Sunil K. Mittal, learned counsel for the petitioner had drawn attention of this Court to respondent s letter dated 26 th March, 1998 at page 48 of the paper book wherein the respondent-company had admitted the amount of Rs 17,26,952/- as due and payable by it as on that date.