VITAL IMPORT EXPORT Vs. HANIL ERA TEXTILES LTD

JUDGEMENT

(1.) BY the common order dated 13th February 1998 the learned Company Judge disposed of four company petitions. The present appeal arise out of company petition no. 247 of 1996. By the said company petition filed under section 433 of the Companies Act 1956 the appellant the original petitioner prayed for Minding up of the respondent-company.

(2.) THE petitioner set up the case in the company petition that vide an agency agreement dated 1st October 1994 the petitioner agreed to render services as described in the agreement and the company agreed to pay a commission, of 3% on the CIF values of the commodities sold by the company through the petitioner. According to the petitioner, the respondent-company sold various kinds of commodities through the petitioner. The petitioner raised various invoices from time to time and for 7 invoices (Exhibits B-1 to B-7) annexed to the company petition, a sum of US $ 7487. 31 and interest there on was due and payable. The petitioner stated that by notice dated 9th October 1995 they called upon the company to pay outstanding amount of US $ 7481. 31 including interest thereon at the rate of 21% per annum within a period of 21 days from the receipt of the notice. Having not done that the petitioner filed the company petition.

(3.) THE company resisted the company on diverse grounds and denied its liability.