BANSAL AND COMPANY Vs. SHAGUN STEELS PRIVATE LIMITED

JUDGEMENT

(1.) . This petition has been brought under Section 433 of the Indian Companies Act seeking winding up order against the respondent-company.

(2.) . The case setup in the petition, in brief, is that the petitioner has been receiving supplies of goods from the tesponden-company in account and on March 31,1992, there was acredit balance of Rs. l,94,579.00 in the books of accounts maintained by the petitioner and the said amount has not been paid by the company dispite service of statutory notice dated February 1, 1993.

(3.) . Show-cause notice was issued to the respondent-company and the reply has been filed. It is mentioned in the reply that there has been a running account between the parties and in fact, the balance due from the petitioner-company was Rs. 8,80,644.00 after adjusting Rs. 5,00,000.00 received vide cheque dated June 9, 1992. the balance amount due was Rs. 3,80,644.00 and the petitioner had issued a cheque again dated June 13, 1992 in the sum of Rs. 4,00,000.00 to clear the balance but the said cheque was bounced and a notice was issued to the petitioner dated August 14, 1992 and thereafter a criminal complaint has been filed against the petitioner which is pending in the count of Sh. Narinder Kumar, Metropolitan Magistrate, New Delhi, and the next date in the cases is March 16, 1994 and the petitioner is yet to appear in that case.