MAA TARINI MINERALS Vs. TECHNICAST ENGINEERS LTD.

JUDGEMENT

(1.) This petition has been moved under Ss. 433(e), 434 and 439 of The Companies Act, 1956 by the petitioner company, seeking winding up of the respondent company, namely Technicast Engineers Pvt. Ltd., predicated on the non-payment of an amount of Rs.1,01,61,225.00 by the respondent, which is due to the petitioner company.

(2.) Briefly stated, the petitioner company is engaged in the business of mining and raising lumpy Iron Ore at Inganijaharan Mines, Joda. While on the other hand, the respondent company is involved in various activities related to Ferrous and Non-ferrous casting, forgings, fabrication and engineering assembly of machinery and equipment as well as spare parts in all kinds of engineering industries.

(3.) The broad conspectus of the factual matrix is that the respondent company entered into an agreement with one M/s. Bhanja Minerals Private Limited, the original lease holder of the mines, as a contractor for raising iron ore and further for deploying necessary personnel and machinery for the purpose of such raising. Thereafter, the respondent company entered into an agreement dtd. 20/6/2003 with the petitioner company engaging them as a sub-contractor for a period of three months, w.e.f. 1/7/2003. The agreement was further extended vide letter dtd. 30/10/2003 for a period of three years, w.e.f. 1/10/2003.