SUNGRACE FINVEST PVT LTD Vs. MAIKAAL FIBRES LTD

JUDGEMENT

(1.) This order shall also govern disposal of Company Petition No. 12/2005 and Company Petition No. 15/2005.

(2.) This petition has been filed under section 433 (e) of the Companies Act, 1956 (for short the Act) seeking winding up of the respondent-Company.

(3.) In Company petition No. 8/2005 averments have been made that the respondent-Company is indebted to the petitioner-Company for a sum of Rs. 83,07,021/- which includes principal amount as on 31-3-2004 to the tune of Rs. 68,80,085/- amount of tax deducted at source Rs. 2,58,736/-, interest (a) 20% from 1-4-2004 to 31-1-2005 to the tune of Rs. 11,68,200/-. In Company Petition No. 12/2005 it has been averred that Rs. 33,08,836/- is due to the petitioner-Company from the respondent-Company out of which towards principal amount due is Rs. 27,48,125/- towards interest from 1-4-2005 to 15-2-2005 to the tune of Rs. 66,349/- is due and towards further interest from 16-2-2005 till 30-7-2005 to the tune of Rs. 1,94,362/- is due. In Company Petition No. 15/2005 the due amount to be recovered from the respondent-Company by the petitioner-Company is averred to be to the extent Rs. 5,57,71,017/- with interest @ 15% per annum.