SREE LAKSHMI SILKS Vs. RAMANIKA SILKS P LTD

JUDGEMENT

(1.) This petition under S.433(e) of the Companies Act is filed by the petitioner for winding up of the respondent company.

(2.) The respondent is a Private Ltd. Company incorporated on 4th May, 1993 under the provisions of the Companies Act engaged in the business of manufacturing, designing, printing, processing, purchasing, exporting, importing, selling and dealing in Silk Sarees and other silk materials. The petitioner is a dealer in sarees particularly silk sarees in Coimbatore. The respondent used to place orders with the petitioner for supply of sarees in the course of the business and the petitioner used to supply sarees as per the orders.

(3.) According to the petitioner, they supplied sarees worth Rs. 45,51,830/- under invoice Nos. 5087 to 5097 dated 1.2.1994 and invoice Nos. 5360 to 5369 dated 25.5.1994. Deducting a sum of Rs. 23,20,945/- being the value of the goods returned on various dates, a sum of Rs. 20,05,150/- was due to the petitioner from the respondent in that transaction. Subsequently, the respondent paid a sum of Rs. 9,50,000/- on various dates towards part payment of the total out standings. An amount of Rs.. 10,55,150/- is due and payable by the respondent to the petitioner for the goods supplied. The respondent is also liable to pay interest at 18% per annum as per the trade usage and custom since it is a commercial transaction. Therefore, the balance amount inclusive of interest due from the respondent to the petitioner as on 11.12.1995 in the above transaction is Rs. 15,76,040/60. The respondent has not paid the amount in spite of demands and the registered notice caused to be sent on behalf of the petitioner. In that registered notice it was clearly stated that in case the respondent fails to pay the amount within 21 days the petitioner will initiate winding up proceedings as provided under S.433 of the Companies Act.