SHANKAR STEEL SUPPLIER Vs. RAMPUR ENGINEERING COMPANY LIMITED

JUDGEMENT

(1.) The present petition is filed under Sections 433(e) and (f), 434 and 439 of the Companies Act, 1956 seeking winding up of the respondent Company.

(2.) The case of the petitioner is that it is a reputed firm in the field of iron and steel. The petition is a dealer of structure steel, carbon steel, alloy steel and hot roll product, etc. The petitioner supplied goods as per the instructions of the respondent Company. It is also pleaded that the petitioner firm filed its return before the VAT authorities depicting the sales and purchases. The petitioner has a running account with the respondent. In March 2012, an amount of Rs.54,28,124/- stood pending from the respondent Company which got reduced to Rs.42,78,124/- in March 2013. On 13.02.2014, the respondent Company made part payment of Rs.7,20,000/-. It is pleaded that an amount of Rs.35,58,124/- still remains payable. A legal notice was sent on 24.02.2014. As there was no response, the present winding up petitioner has been filed.

(3.) The respondent filed their reply. In their reply, they have denied the ledger account of the petitioner. It has further been stated that the alleged debt on which the petitioner is seeking winding up of the respondent company pertains to two invoices being Ex. 564 and Ex.573 dated 04.03.2011 and 09.03.2011 respectively which were in respect of defective goods which were returned to the petitioner. It is stated that the goods so supplied by the said invoices were defective as not being of the approved quality and the petitioner has taken no steps to replace the said defective goods. It has been stressed that there is no admitted debt or liability.