ASIM PHARMACHEM INDUSTRIES Vs. NILSIN ULTRACHEM LTD.

JUDGEMENT

(1.) Both these petitions are against the same company and as identical issues arise in these petitions, the same are disposed of by this common judgment. Both these petitions have been filed by the petitioners for an appropriate order of winding up of the respondent-Company, Nilsin Ultrachem Limited, under the provisions of the Companies Act, 1956 (the Act).

(2.) It is the case of the petitioner in Company Petition No. 14 of 2006 that because of some business relation the petitioner advanced a sum of Rs. 2,00,000/- at the relevant point of time @ 18% p.a. on 28.09.2002. It is the contention on behalf of the petitioner that the said amount was to be repaid by the respondent-Company on 02.12.2002. It is contended by the petitioner-Company that the respondent-Company did not pay an amount of Rs. 6,411/- towards interest. It is also the case of the petitioner-Company that thereafter the petitioner advanced a sum of Rs. 5,00,000/- on 23.10.2002 carrying interest @ 18% p.a. It is the case of the petitioner that the respondent Company repaid the amount of Rs. 1,00,000/- on 02.12.2002. On the basis of the said factual premises, it is the case of the petitioner that the respondent is liable to pay interest for 40 days on Rs. 5,00,000/-, which comes to Rs. 9,863/- and Rs. 1,19,704/- for 911 days of Rs. 4,00,000/-. It is also the case of the petitioner that the petitioner-Company further advanced a sum of Rs. 3,00,000/- on 29.03.2003 and the respondent-Company is liable to pay an amount of Rs. 1,17,468/- towards the interest for 794 days. It is further the case of the petitioner that the petitioner is entitled to recover an amount of Rs. 7,00,000/- towards properties of Rs. 3,13,446/- towards interest total aggregating to Rs. 10,13,446/-. The petitioner, in order to prove the aforesaid facts, has relied upon the extract of account of the petitioner-Company.

(3.) It is contended by the petitioner that as the said amount was not paid by the respondent Company the petitioner issued a notice dated 18.07.2005 under Section 433(e) read with Section 434 of the Act and raised a demand of Rs. 10,13,446/- along with interest @ 18% p.a. from the due date of payment till 31.05.2005. The petitioner-Company in the said statutory notice, raised a requisition that if the payment is not made within a period of three weeks, the petitioner would file a winding up petition before this Court under Section 433(e) of the Act. It is the case of the petitioner that a very vague reply was given to the aforesaid statutory notice by the respondent-Company. It is the case of the petitioner that on causing search for the Office of the Registrar of Companies it has reveled that the respondent-Company has not filed annual return for the years ending on 31.03.2004 and 31.03.2005. It is the case of the petitioner that the respondent-Company has heavily indebted and the financial substratum of the respondent-Company has gone down and the respondent-Company has become commercially insolvent and, therefore, by way of this petition the petitioner-Company has prayed for winding up of the respondent-Company.