PACKMASTER CONTAINERS P. LTD. Vs. RAYALASEEMA COMMODITIES LTD.

JUDGEMENT

(1.) The company petition has been filed under sections 433(e) and 434(1)(a) of the Companies Act, 1956, seeking winding up of the respondent-company under the provisions of the Companies Act. The petitioner, M/s. Packmaster Containers P. Ltd., is a company registered under the Companies Act, 1956, having its registered office at Plot No. 7K-P2, KIADB Industrial Area, Bashettihalli, Doddaballapur, Bangalore-561 203. The respondent is M/s. Rayalaseema Commodities Ltd., company registered under the Companies Act having its registered office at New No. 3/1, Old No. 65/1, Amaravathi Nagar, 2nd Cross Street, Arumbakkam, Chennai-600 106.

(2.) The petitioner has stated that the authorised capital of the respondent-company is Rs. 8,50,00,000 divided into 85,00,000 equity shares of Rs. 10 each. The paid-up share capital of the respondent-company is Rs. 8,40,00,000. The main object for which the respondent-company was incorporated are stated in the memorandum and articles of association, which were filed along with the petition. The petitioner, private limited company is also engaged in the business of manufacturing packing materials. It is also stated that the petitioner was formerly known as M/s. Sudarshan Overseas Ltd. During the said period, the respondent-company from time to time have placed orders upon the petitioner company and accordingly, supplies were made by the petitioner to the respondent on credit basis. According to the petitioner, as per various invoices, the respondent-company received supply of materials from May 26, 2009 to September 16, 2009, whereby the overdue payable by the respondent herein was Rs. 25,63,531 as on June 30, 2010. As per the terms of the agreement, interest was calculated at Rs. 3,68,286. In spite, of the repeated request made by the petitioner, demanding to settle the dues, there was no response from the respondent-company.

(3.) It was also brought to the notice of the petitioner that the respondent-company is severally indebted to several creditors. Hence, on April 29, 2010, the petitioner issued legal notice calling upon the respondent to pay a sum of Rs. 21,16,822 as on April 29, 2010, within 21 days from the date of receipt of the notice issued under the Companies Act. However, the said notice was returned unserved. The said notice was sent to the earlier address, M/s. Sudarshan Overseas Ltd. After knowing the change of name of the respondent-company, on July 20, 2010, again the petitioner issued a fresh notice to the respondent's present address, demanding a sum of Rs. 25,63,531 with interest outstanding as on June 30, 2010, however, the said notice was also returned back to the petitioner with an endorsement not claimed with acknowledgment due.