STI FINANCE LTD Vs. PREMIER INDUSTRIES INDIA LTD

JUDGEMENT

(1.) THIS is a company petition filed by the petitioner under Section 433 (e) of the Companies Act seeking winding up of the respondent company - a limited company engaged in the manufacturing activities. A winding up is sought essentially on the ground of inability to pay admitted debt amounting to Rs. 15,73,038. It is the case of petitioner that they being the company engaged in the business of leasing and hire purchase, gave loan from time to time to the respondent company worth Rs. 15,73,038. It is contended that despite receipts of the payment from the petitioner company and virtually admitting the liability to repay, the respondent company did not pay the money, nor the interest accrued thereon and hence, need to file a company petition arose after serving a statutory notice under Section 434 of the Act.

(2.) ON behalf of the respondent company a shelter of Section 22 of SICA is taken. According to respondent, since the reference under Section 15 of SICA is pending before the BIFR being case No. 128 of 1997 and hence, the proceedings be either stayed or deferred in these matters.

(3.) HEARD Shri S. M. Kohli, learned counsel for the petitioner.