RADEXPO AG Vs. JAYNA TIME INDUS. LTD.

JUDGEMENT

(1.) The present petition has had a long and chequered history. The Petitioner - Radexpo AG, a Swiss company has filed the present winding up petition against the Respondent - M/s Jayna Time Industries Limited under Sec. 433(1) (e) read with Sec. 450 of the Companies Act, 1956. Brief Facts

(2.) The case of the Petitioner is that the Respondent used to place orders for purchase of raw material, watch components, tools and various other spares parts from the Petitioner. The said material was imported by the Respondent from the Petitioner. There was a continuous chain of transactions between the parties and, invoices were raised by the Petitioner which were due and payable within 60 days.

(3.) The case of the Petitioner is that certain invoices from the years 1994, 1995 and 1996 were not paid by the Respondent in the usual course of business. In view thereof, the Petitioner sent legal notice dtd. 31/12/1998 to the Respondent claiming 387,241/- Swiss Francs (hereinafter, 'SFR') as payments for the unpaid amounts as also the interest thereon. The Respondent vide reply dtd. 27/1/1999 disputed the said amount claimed by the Petitioner.