ICDS LIMITED Vs. KAMAR TRADING CO PVT LTD

JUDGEMENT

(1.) THIS is a company petition filed under Section 433 of the Companies Act seeking winding up of the respondent company, known as Kamar Trading Co. (P.) Ltd. In substance, the winding up is sought on the allegations that petitioner company being the owner of certain equipments as also vehicles had supplied to respondent-company on hire. It is alleged that to secure the rights/obligation of parties and also to ensure timely payment, two separate agreements were also entered into as hire purchase agreements. It was alleged that since respondent failed to make the payment due as per agreements, the dispute arose between the parties as to the extent of total payment payable by the respondent. To decide this dispute, the matter was referred to a sole arbitrator. The arbitrator then embarked upon the reference made and delivered an award. In terms of an award the respondent was liable to pay a sum of Rs. 8,36,971 to the petitioner. It is this amount, which according to petitioner was not being paid by the respondent despite notices sent by the petitioner and hence, this petition has been filed seeking winding up of the respondent company under Section 433 of the Companies Act on the ground of their inability to pay the dues i. e. a sum recoverable under an award.

(2.) HEARD Shri H. Y. Mehta, learned counsel for the petitioner company.

(3.) HAVING heard learned counsel for the petitioner and having perused the record of the case, I find no case to entertain and/or admit this company petition and hence, it deserves to be dismissed in limine.