N.N. VALECHHA Vs. I.G. PETROCHEMICALS LTD.

JUDGEMENT

(1.) THIS is a petition for the winding up of the respondent -company under Section 433(e) of the Companies Act, 1956, ('the Act', for short) on the ground that the respondent has been unable to pay its debt to the petitioner in the sum of Rs. 1,72,406 and under Section 433(f) of the Act on the ground that the respondent has become commercially insolvent.

(2.) THE respondent is a company having its factory at Taloja in Raigad district of Maharashtra and its registered Office at Panaji, Goa. The petitioner carries on business of maintenance engineers and repairers of cooling towers. The respondent was desirous of carrying out certain modifications to their existing Paharpur cooling tower and therefore invited quotations and after negotiations the petitioner was asked to carry out the said modifications pursuant to letter of indent dated January 23, 1999. The petitioner was paid an advance of Rs. 25,480. As per the petitioner, the petitioner submitted three bills for the supplies made and work done of the repairs of the said cooling towers.

(3.) THREE points arise for my consideration.