ALDRICH PHARMACEUTICALS LTD. Vs. APPLE EXPORTS (P.) LTD.

JUDGEMENT

(1.) This is a petition filed under sections 433 and 434 of the Companies Act ('the Act') seeking an order of winding up against the respondent-company. According to the petitioner, an amount of Rs. 6,39,923 was due on account of bill of exchange, together with interest. As the amount was not paid, statutory notice was issued. There is no reply to the statutory notice. When the petition is called out for hearing, the learned counsel for the petitioner is absent. Heard the learned counsel for the respondents. The respondent does not dispute its liability to pay an amount of Rs. 4 lakhs as principal. The respondent, however, disputes that it is liable to pay interest at the rate of 30 per cent per annum. According to the learned counsel for the respondent, the interest may be charged at the rate of 18 per cent per annum. In these circumstances, in my opinion, following order would meet the ends of justice :