AMBIKA TRADERS CO Vs. SHREE BANSIDHAR PVT LTD

JUDGEMENT

(1.) BOTH these petitions are filed under Sec. 433 (e) read with Sec. 434 of the companies Act, 1956 for winding up of the respondent Company, namely, M/s. Shree. Bansidhar Pvt. Ltd. Since the respondent Company is same in both the petitions and subject matter of both the petitions are also same, they are being disposed of by common order.

(2.) IN Company Petition No. 4 of 2002, it is the case of the petitioner that the petitioner has been carrying on the business of dealing in various items of fabrics and other miscellaneous items and used to send clothes to the Company for processing and regular bills for the same were issued on account of this and timely payments were also received. The petitioner used to give to the Company a large amount of money in advance and the bills issued by the Company for processing charges were being adjusted against the said advance. After clearing all the bills raised by the Company for claiming processing charges out of the amount paid in advance, the Company was liable to pay an amount of Rs. 2,48,858. 94 ps. After closure of the business transactions between the petitioner and the Company, an amount of Rs. 2,48,858. 94 ps. was payable by the company to the petitioner at the end of the financial year 1988-89. The petitioner had been repeatedly requesting for the payment of the aforesaid amount but the Company did not make the payment. The petitioner was, therefore, entitled to recover the said amount from the Company along with interest at the rate of 18% and the said amount with interest calculated till 31. 12. 2001 has come to Rs. 20,58,416. 22.

(3.) IT is the case of the petitioner that in the balance sheet of the Company for the year 1988-89, the Company has shown a list of sundry creditors wherein at Ledger folio 480 of Sundry Creditors, the name of the petitioner was shown and the amount outstanding which was payable by the Company to the petitioner was Rs. 2,48,858. 94. Similarly, in the balance amount as on 31. 03. 1990, the petitioner's name was shown at l. F. No. 208 and it has been acknowledged that the Company was liable to pay to the petitioner an amount of Rs. 2,48,858. 94.