ELEGANT PHARMACEUTICALS LTD (COMPANY) Vs. STATE

JUDGEMENT

(1.) This is a petition filed under sections 433 and 434 of the Companies Act seeking an order of winding up against the respondent company. According to the petitioner, an amount of Rs.1,24,268/- was due from the respondent on account of printing charges. An amount of Rs.18,704/- was also due to the petitioner from the respondent on account of interest on the afore-said amount. According to the petitioner, as the amount was not paid, statutory notice was issued to the respondent. The statutory notice is not replied. When the matter was called out, the learned counsel for the petitioner was absent. Heard the learned counsel for the respondent. According to the respondent, an amount of Rs.50,000/- has been paid by the respondent to the petitioner by cheque. The learned counsel for the respondent also submitted that there is also dispute between the parties about the rate of interest. After having heard the learned counsel for the respondent and after having gone through the record, in my opinion, following order would meet the ends of justice.

(2.) The respondent is directed to deposit an amount of Rs.75,000/- in this Court within a period of three months from today with due intimation to the petitioner. After receiving intimation of the deposit made by the respondent, the petitioner may file a civil suit for recovery of its claim within four weeks. The disposal of the amount deposited by the respondent in this Court shall be governed by the order that may be passed by the Civil Court in the civil suit. In case the amount is so deposited, this petition shall stand disposed of. In case the amount is not deposited, this petition shall stand admitted. In case the petitioner fails to file the civil suit within the aforesaid period, the amount deposited by the respondent in this Court shall be refunded.