YEHUDA SILBERBERG LTD. Vs. PREMIER POLYWEAVES P. LTD.

JUDGEMENT

(1.) THIS company petition is filed under Sections 433(e) and (f), 434(1)(a) and 439(1)(b) of the Companies Act, 1956, seeking winding up of the respondent -company on the strength of the decree obtained before the court in Israel.

(2.) THE case of the petitioner is that under the agreement dated January 22, 2001, the petitioner herein placed orders on the respondent -company for the supply of certain fabrics of the quality mentioned therein. The contract specified the type of fabric, the weaving method, density of the weave, resistance to tearing and absence of unusual fibres. The letter of credit indicated the minimum standards for reach of the criteria.

(3.) LEARNED senior counsel appearing for the petitioner referred to the decision of the court in Israel as to the certificate issued regarding the defective character of the goods supplied leading to the cancellation of the contract that the petitioner had with the overseas buyers, thus leading to a loss of profit. He pointed out that the learned judge of the court in Israel pointed out that this is a case of a contributory negligence whereby the petitioner shall bear 40 per cent. of the amount and 60 per cent. payable by the respondent herein. It also quantified the loss of profit.