LAWS(GJH)-2013-2-303

ATUL CORPORATION Vs. SUNANDA INDUSTRIES LTD.

Decided On February 27, 2013
Atul Corporation Appellant
V/S
Sunanda Industries Ltd. Respondents

JUDGEMENT

(1.) THE present petition has been preferred by the petitioner under Sections 433 and 434 of the Companies Act, 1956 (hereinafter referred to as 'the Act') for appropriate order of winding up of the respondent-Company namely "Sunanda Industries The petitioner has prayed for the Limited". following reliefs:

(2.) IT is averred in the petition that the petitioner has sold, supplied and delivered 19,000 Kgs. of Glaubar Salt to the respondent- Company vide invoice No.4012001 dated 13.06.2001 valued at Rs.73,500/- and also further supplied 2,000 kgs. Soda Ash, for which the invoice was raised to the tune of Rs.33,600/- and thereafter, further supplied Soda Ash valued at Rs.29,445/-. It is therefore, the case of the petitioner that the petitioner thus supplied material of aggregate value of Rs.1,36,545/-.

(3.) THE Reply dated 18.08.2012 further indicates that because of such action taken by the assignee of the Secured Creditors, even the reference before BIFR stood abated and the secured assets of the respondent- Company is already disposed of and sold by the assignee of the Secured Creditors under the Securitization and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002. It is indicative from the said reply dated 18.08.2012 that the respondent-Company is unable to pay the claim amount raised by the petitioner.