DASALDHAN CHEMICALS P. LTD. Vs. SKYLEAD CHEMICALS LTD.

JUDGEMENT

(1.) The present company petition under sections 433, 434 and 439 of the Companies Act, 1956, is filed by the petitioner-Dasal-dhan Chemicals P. Ltd., with a prayer that the respondent-M/s. Skylead Chemicals Ltd., be ordered to be wound up as it is unable to pay its debt. The petitioner-company is engaged in the business of dealing in and trading in various chemical products such as methanol, acetic acid, formic acid, etc.; and it is stated that the petitioner is also the authorised dealer of G.N.F.C. Ltd. The petitioner-company has its registered office at B/4, Vijay Tower, Opp. Aabad Dairy, Kankaria Road, Ahmedabad. The case of the petitioner is that the petitioner-company and M/s. Sky-lead Chemicals Ltd. (hereinafter mentioned as "the company") had business relations since long and the company used to purchase the chemical products from the petitioner time to time. It was stated that at the commencement of financial year on April 1, 2009, in the account the company maintained by the petitioner, the amount payable by it to the petitioner was Rs. 13,14,537. During the financial year 2009-10, the company made further purchases from the petitioner as per Invoices Nos. 0133, 0157, 0749, 0807, 0893, 0919, 0988, 0998, 1041, 1061, DN020, DN0130, DN014, DN015, DN016 and 1683. The total dues at the end of financial year as on March 31, 2010, recoverable from the company was Rs. 25,12,633 stated the petitioner.

(2.) Since the company was not paying the said dues, the petitioner sent statutory notice on January 1, 2013, under sections 433 and 434 of the Companies Act, calling upon the company to pay the said amount of Rs. 25,12,633 with 18 per cent, interest from April 1, 2010, till payment and the company was asked to pay the total amount with interest within 21 days from the date of the receipt of the said statutory notice. Despite the notice as above, the company failed and did not pay the amount. The reminders were also sent to it by the petitioner. The respondent even did not reply to the statutory notice.

(3.) On the aforesaid facts, the petitioner pleaded that the company is rendered incapacitated to pay its debt and has lost its substratum, attracting liability to be wound under the provisions of the Companies Act. As recorded in the order passed by this court on September 3, 2013, the company refused to accept the service of notice of this court issued in the present petition, when the same was sought to be served by direct service. The petitioner was thereafter permitted to serve the company by registered post as well. The acknowledgment receipt of the Postal Department was placed on record and the website of the Postal Department also showed that the document in question namely notice of the court sent by registered post A.D. was delivered to the company. Thus, the notice was duly served, however the company did not opt to enter appearance, and did not choose to oppose the petition.