FORTUNE METALS LTD. Vs. KANWAR ENTERPRISES PVT. LTD.

JUDGEMENT

(1.) THIS petition seeks winding up of the respondent/Messrs Kanwar Enterprises Pvt. Ltd., on the ground of non -payment of Rs. 26,45,064.75/ - (Rupees twenty six lacs forty five thousand sixty four and seventy five paise only).

(2.) THE petitioner is in the business of manufacturing steel, including TMT steel bars. The respondent is, inter alia, in the business of civil, industrial infrastructure, building and fabrication of works etc.

(3.) THE petitioner served a notice of winding up dated 01.05.2013 on the respondent calling upon it to make the payment of the aforesaid amount. The petitioner contends that since the respondent failed to pay the aforesaid amount; and has raised no bonafide defence in its reply to the said notice of winding up; it must be deemed to be unable to pay its debts in terms of Section 433(e) read with 434 of the Companies Act, 1956.