MODERN WOOLLENS LTD Vs. DASS CARPETS PVT LTD

JUDGEMENT

(1.) Messrs Modern Woolens Limited, a company registered in Jaipur (Rajasthan) is the creditor of Dass Carpets Private Limited, having its registered office at P.O. Khamaria, district Varanasi, in U.P.

(2.) Dass Carpets Private Limited, hereinafter referred to as the company placed orders for carpet yarn with Modern Woolens Limited during the year 1981-82, 1982-83, 1983-84 and 1984-85. The payments against the goods supplied were never made. Thus, after a protracted correspondence, the petitioner served a notice under Section 434 of the Companies Act, 1956 dated 4-7-1987 putting it on caution that if the payments due were not discharged, they will be constrained to move a petition seeking winding up of the Company. The debt continued to remain and this, the company petition was filed.

(3.) The contention in the company petition is that in the notice, a sum of Rs. 4,55,302-70 was claimed as the principal, with such interest which accrues on it. This was the claim of the petitioner on the company.