RANJIT KAUR Vs. HEALTHY HOLDINGS PVT LIMITED

JUDGEMENT

(1.) This winding up petition is based on a notice dated 15th April, 1997 under Section 433 of the Companies Act claiming dues as per Clauses 5, 6 and 7 of the Memorandum of Understanding dated 18th February, 1994. The claim is founded on the liability of Rs.50,000.00 per month arising as per clause 7 of the said MOU. Clauses 5, 6 and 7 of the said Memorandum relied upon by the learned counsel for the petitioner read as follows:

(2.) Reliance has been placed on the above clauses in the Memorandum of Understanding and in particular clause 7 thereof which led to the notice under Section 433. The said notice was replied on 23rd May, 1997 on behalf of the respondent company M/s Healthy Holdings Private Limited where interalia the plea is taken that since no agricultural implements or assets were given, hence no occasion for payment thereof arise. The entire amount claimed was disputed accordingly and it was stated that there was diverse litigation pending in this Court including Suit Nos. 1250/94, 584/95 and CWP No. 4480/94 which demonstrate that the disputes between the parties are subject matter of a bona fide dispute.

(3.) Mr. Alag appearing on behalf of the petitioner has submitted that clause 7 clearly indicates the undisputed liability of the respondent of Rs.50,000.00 per month which liability has not been discharged.