GEETA PRINTS LTD Vs. FALCON INDUSTRIES

JUDGEMENT

(1.) THIS Appeal challenges order dated 11. 12. 2006 made in Company Petition No. 240 of 2004 whereby the petition filed by respondent herein (original petitioner) has been admitted against the Appellant herein (original respondent) and an order made for publication of advertisement. Hereinafter, for sake of convenience, the parties shall be referred to as per their respective description in the petition.

(2.) THE petitioner preferred Company Petition No. 240 of 2004 claiming that an amount of Rs. 11,04,332/, comprised of principal sum of Rs. 7,62,500/- plus interest to the tune of Rs. 3,41,820/- was due and payable by the respondent company to the petitioner. A further sum of Rs. 6,61,100/- was also claimed as being recoverable towards 'c' form liabilities. The petitioner made the claim on the basis of invoices available at page Nos. 12 to 46 of the Company Petition. According to the petitioner, on 3. 3. 2004 the petitioner had confirmed the Accounts and hence there was no question of any dispute on this count.

(3.) IT was further submitted on behalf of the petitioner that despite statutory notice the respondent company had failed to make payment within the prescribed period of 21 days, and in fact there was no reply even to the statutory notice. Placing reliance on provisions of Section 433 read with Section 434 (1) (a) of the Companies Act, 1956 (the Act) the petitioner prayed for admission of the petition and ultimately an order for winding up of the respondent Company.