PFIZER LTD Vs. USAN LABORATORIES P LTD

JUDGEMENT

(1.) The appellants before us are the original petitioner in Company Petition No. 759 of 1983 and appeal they impugn the order of learn company judge dismission the petition. In order to appreciate the order and appellants' contention with respect thereto, a few facts may be noted.

(2.) The appellants have, in the winding-up petition, claimed that an aggregate amount of Rs. 90,810.71 was due and payable by the respondent-company to them, being made up of the principle amount of Rs. 58,968 and interest thereon as indicated in the particulars of claim, exhibit 'A' to the petition. To the petition, the appellants had annexed correspondence between the parties consisting of the later addressed to the respondent-company on behalf of the appellants by third attorneys which is a letter dated August 31, 1982, and the reply of the respondents which is one dated September 12, 1982. The principle amount claimed by the appellants (Original petitioners) is in respect of value of 300 kgs. of a chemical 'Biodo bydroxyquinoliner' which was originally supplied by they respondent-company and which was rejected by the appellants. By the said later dated September 12, 1982, the respondent-company appears to have accepted the rejection and promised to supply an equivalent quality by the end of December, 1982, failing which they promised to make repayment of the amount paid by the petitioners as cost of the rejected lot of the said chemical.

(3.) It may be mentioned that the appellants' attorneys' latter dated August 31, 1982, specifically called upon the respondent-company to repay the said amount of Rs. 58,968 (the principal amount indicated in the particulars of claim, exhibit 'A' to the petition) and mentioned and the latter should be treated as notice under s. 434 of the Companies Act, 1956.