PRAAG CHEMICALS Vs. PARAG MILLS PRIVATE LTD

JUDGEMENT

(1.) ALL these Company Petitions are filed by the respective petitioning creditors for an appropriate order of winding up of the respondent company Parag Mills Private Limited under the provisions of Companies Act, 1956, more particularly, under Sections 433 and 434 of the Companies Act, 1956.

(2.) IT is the case on behalf of the petitioner of Company Petition No. 131 of 2006 that an amount of Rs.26,04,786/ - is due and payable towards the principal amount and a further sum of Rs.10,14,605/ - is due and payable by the respondent company to the petitioner company towards the interest on the aforesaid amount. It is the case on behalf of the petitioner of Company Petition No. 132 of 2006 that an amount of Rs.1,04,588/ - is due and payable towards the principal amount and a further sum of Rs.64,581/ - is due and payable by the respondent company to the petitioner company. It is the case on behalf of the petitioner of Company Petition No. 133 of 2006 that an amount of Rs.10,03,870/ - is due and payable by the respondent company to the petitioner company towards the principal amount and a further sum of Rs.3,39,500/ - is due and payable towards the interest on the aforesaid amount. It is also the case on behalf of the petitioner of Company Petition No. 134 of 2006 that an amount of Rs.99,967/ - is due and payable to the petitioner company by the respondent company towards the principal amount and a further sum of Rs.64,305/ - is due and payable towards the interest on the aforesaid amount. So far as Company Petition No. 172 of 2006 is concerned, the claim of the petitioning creditor is of Rs.5,20,397/ - towards the principal amount and Rs.3,36,851/ - towards the interest. It is the contention on behalf of the petitioners that the aforesaid amount is due and payable by the respondent company and inspite of various demands/requests, the aforesaid amount has not been paid though the goods supplied have been consumed. It is the case on behalf of the respective petitioners that the respondent company was served with the statutory notices as required under Section 434 of the Companies Act by notices dated 15th February, 2006 and 9th November, 2005 respectively and inspite of service of statutory notices, the respondent company has neither replied to the same nor has made any payment and therefore, it is submitted that the respondent company is not in a position to pay the debts to its creditors. It is submitted that earlier also so far as other creditors are concerned, who have not filed their separate affidavits in support of the present petitions, filed Company Petitions before this Court and there were a settlements arrived at between the said petitioning creditors and the respondent company and the Company Petitions were withdrawn, however, subsequently, the commitments made by the respondent company are not fulfilled and even the cheques issued pursuant to the said settlements are dishonoured. It is submitted that so far as other 14 creditors are concerned, who have preferred earlier Company Petitions, which came to be disposed of on the consent terms, their total outstanding is of Rs.13,70,722/ -. It is also further submitted that even the debts and the amount payable to the respective petitioners are not disputed by the respondent company and therefore, it is submitted that when the respondent company has lost its financial substratum, the present petitions be allowed by passing an appropriate order of winding up of the respondent company.

(3.) MS . Kalpana Brahmbhatt, learned advocate appearing for the respondent company has fairly submitted that the amount/debts payable to the respective petitioners are not disputed and/or they are as such, admitted, however, looking to the present financial situation, the respondent company is not in a position to make the payment immediately and therefore, some installments be granted and if the petitioning creditors are ready to accept some lesser amount than the payment can be made to the respective petitioning creditors in installments.