SHIVALIK RASAYAN LTD Vs. PESTO CHEM INDIA LTD

JUDGEMENT

(1.) This company petition was originally filed by M/s. Shivalik Rasain Ltd. seeking winding up of the respondent company on the ground that the respondent owed a sum of Rs. 6,21,740/- which the respondent was unable to pay. Petition was admitted on 5th October, 1998 and it was ordered that citations be published in the newspapers Statesman (English), Jansatta (Hindi) and Delhi Gazette for 8th March, 1999. These citations were duly published. After the publication of citations M/s. Gharda Chemicals Limited filed CA 530/99 stating that it was also a creditor and seeking substitution in the petition. This application was allowed vide order dated 30th April, 2003. It may be noted that after the publication of citations respondent started making payments to the original petitioner and the claim of the original petitioner was ultimately settled by the respondent company to its satisfaction. Therefore, while allowing CA 530/99of M/s. Gharda Chemicals, the applicant was directed to be substituted in place of the petitioner. This is how, in this petition, now M/s. Gharda Chemicals is the petitioner who was also directed to file the amended petition. The amended petition was filed to which respondent filed its reply. Therefore, reference shall be made to the amended petition.

(2.) In this petition, the petitioner states that it is the creditor of the respondent company to the tune of Rs. 9,95,41,358.59. The petitioner is engaged in the business of manufacturing and sale of various insecticides, pesticides and agro-chemicals. It has been supplying this material to the respondent company as well. According to the petitioner, on or about 29th July, 1996, petitioner sold , supplied and delivered the respondent company 1200 Kgs. of 92% at the rate of Rs. 1,182.20 per kg. and 800 kg. of the said product having purity of 93% at the rate of Rs. 1,195.05 per kg. plus excise duty thereon. Invoice No. 750087 dated 29th July, 1996 for an aggregate sum of Rs 2614920 was raised on the respondent. 60 days credit period was given during which respondent was to make the payment and there was a stipulation in the invoice that in case payment is not made within 60 days, for delayed period interest @ 24% per annum was to accrue.

(3.) The petitioner received the amount, but belatedly. However, it did not pay the interest which would come to Rs.14,94,024.12p from the dvte date of payment till the date of actual payment.