RADEXPO AG Vs. JAYNA TIME INDUS LTD

JUDGEMENT

(1.) This petition is filed under section 433(1)(e) of the Companies Act, 1956 (hereinafter referred to as The Act) seeking winding up of the respondent company.

(2.) The brief facts as per the petition are that the respondent has from time to time placed upon the petitioner orders for purchase of raw material, watch components tools and other spares. The said material was being imported by the respondent from the petitioner. The petitioner claims that a sum of SFR 345,149.30 is undisputably due and payable to the petitioner from the respondent.

(3.) Notice under section 433(e) & (f) and 434 of Act was sent on 31.12.1998 pointing out that the respondent company owes to the petitioner SFR 387,241.30. The respondent replied to the aforesaid legal notice disputing the liability on 27.1.1999.