BANQUE INDO SUEZ Vs. AKAI IMPEX LTD

JUDGEMENT

(1.) THIS is a company petition filed under sections 433 and 434 of the Companies Act seeking an order for winding up of the respondent company. According to the petitioner an amount of Rs.1,11,29,255/- is due to the petitioner from the respondent company. As the payment was not made by the respondent, a statutory notice was issued to the respondent by the petitioner. Statutory notice is served on the respondent. This petition is also served on the respondent. The respondent is represented by his lawyer.

(2.) I have heard the learned counsel for both the sides. The learned counsel for the respondent submitted that the petitioner for recovery of this very sum amount has filed a Summary Suit No.4315 of 1996 before this court and this court by its order dated 24th November, 1997, after considering the defence raised by the respondent company, had granted an unconditional leave to the respondent to defend that suit. The learned counsel for the respondent, therefore, submits that in view of that fact that this court by its order dated 24th November 1997 passed in Summary Suit No.4315/96, has found that the respondent company has a substantial defence to offer against the claim made by the petitioner, granted unconditional leave to defend. Therefore, according to him this court while considering the petition for winding up of the company at the instance of the petitioner cannot arrive at a different conclusion than the one reached by this court by its order dated 24.11.97, that the respondent company has a substantial defence to offer to the claim made by the petitioner.