ANUPAMA WINE DISTRIBUTORS Vs. TILAKNAGAR INDUSTRIES LTD

JUDGEMENT

(1.) The petitioner has sought an order winding up the respondent company inter alia on the ground that the company is unable to pay its debts. According to the petitioner the company is indebted to it in the sum of Rs. 4,21,00,000/-.

(2.) The company does not dispute the fact that a sum of Rs. 4 crores was paid by the petitioner to it and that the said sum has not been repaid. It is contended that the said sum was paid as a security deposit and that the company has several claims against the petitioner far in excess of the said amount of Rs. 4 crores.

(3.) Though the payment by the petitioner to the company of the said sum of Rs. 4 crores is not disputed, it is necessary to see the circumstances and the manner in which it was paid by the petitioner to the company in view of the first defence viz. that the said amounts were paid as security deposit and not as an advance/trade deposit.