TOLANI SHIPPING COMPANY LIMITED Vs. SAW PIPES LIMITED

JUDGEMENT

(1.) This is a petition under Sections 433,434 & 439 of the Companies Act filed by the petitioner praying for winding up of the respondent Company on the ground of its inability to pay the debt to the petitioner. According to the petitioner the respondent Company is indebted to the petitioner to the tune of Rs. 13,63,886.00 alongwith interest thereon @ 18% per annum from 28.7.1993. The case of the petitioner as set out in the petition is that the petitioner is the holder of 3 Bills of Exchange dated 28.6.1993 and paid the amount as mentioned in the said Bills of Exchange to M/s. Rahat Steels Pvt. Ltd. The respondent Company, according to the petitioner is liable to pay to the petitioner the total sum of the 3 Bills of Exchange amounting to Rs. 13,63,886 / -. The petitioner has specifically stated that on or about 28.6.1993 M/s. Rahat Steels Pvt. Ltd. drew in favour of and delivered to the petitioner, three Bills of Exchange bearing the following particulars: <FRM>JUDGEMENT_425_DLT69_1997Html1.htm</FRM>

(2.) The respondent has contested the present proceeding by filing a detailed reply denying their liability to pay the aforesaid amount as claimed in the present petition. According to the respondent, as stated in the reply, an amount of Rs. 10,87,310.00 stand paid to M/s. Rahat Steels Pvt. Ltd. as against the aforesaid three Bills of Exchange and, therefore, only an amount of Rs. 2,76,576.00 , if at all, is left payable by the respondent to the petitioner.

(3.) Mr. Keshwani appearing for the petitioner submitted that as against the three Bills of Exchange the respondent was. required to pay a sum of Rs. 13,63,886 .00 to M/s. Rahat Steels Pvt. Ltd. and admittedly as disclosed from the reply till date only an amount of Rs. 10,87,310.00 has been paid by the respondent and therefore, the balance amount is admittedly due and payable by the respondent. Mr. Chandiok, appearing for the respondent admitted that as against the aforesaid three Bills of Exchange an amount of Rs. 2,76,576.00 is payable by the respondent and he has no objection if the aforesaid amount of Rs. 2,76,576.00 i.e. the difference between Rs. 13,63,886.00 and Rs. 10,87,310.00 is directed to be paid to the petitioner out of the amount deposited by respondent in this court in terms of order dated 24.7.1996.