AAKASH BHATIA Vs. SMEC ELECTRONICS INDIA PRIVATE LIMITED

JUDGEMENT

(1.) The present Company Petition is filed by the petitioner for winding up of the respondent-company on account of its failure to make payment of debt to the extent of Rs. 4,20,667.00 together with interest at the rate of 24% p.a. to the petitioner.

(2.) The brief facts, giving rise to the present petition, as stated in the petition, are that the petitioner was appointed as a Sales Manager on a salary of Rs. 6500.00 per month exclusive of bonus and commission with effect from 15.4.1994. That it was agreed between the petitioner and the respondent-company by virtue of the letter dated 12/03/1996 that the petitioner was entitled to get commission at the rate of 5% of the total sales of the company with effect from 15.4.1994 and over and above this commission the petitioner was also entitled to get 3% additional commission on all the orders placed to SMEC Inc., USA from India.

(3.) The petitioner has further stated in the petition that he has resigned from the company with effect from 28.1.1997 and the said resignation was accepted by the respondent-company on 7.2.1997. It is the say of the petitioner that as per the said letter dated 7.2.1997 accepting the resignation of the petitioner, the respondent-company has specifically stated that the company has received all the papers, files, and documents from the petitioner and that nothing was pending with the petitioner. It was also stated in the said letter that the company would send full and final settlement amount to the petitioner at the earliest.