VADILAL CHEMICALS LTD Vs. YERK TECHNOCHEM PVT LTD

JUDGEMENT

(1.) HAVING heard learned counsel for the petitioner and having perused record of the case, I find no case to admit this company petition.

(2.) IT is a company petition filed under Section 433 (e) of Companies Act seeking winding up of respondent company on the ground of their inability to pay the debt. It is complained that petitioner supplied some material (Gas) to respondent in their day-to-day business activity amounting to Rs. 1,72,838, but despite supply of goods, the respondent did not pay its price and hence, company petition.

(3.) IN my view, no petition for winding up of a company for one isolated transaction of commercial nature can be entertained. It is a clear case of supply of certain goods and non-payment of its price. There may be several reasons for non-payment. A running company cannot be wound up on such ground. It is a clear case where one can draw an inference that petitioner has been unreasonable in invoking the extreme remedy of winding up only because the respondent happens to be the company under the Companies Act.