BHAWANI AUTOMOBILES Vs. SGMM ORES PRIVATE LIMITED

JUDGEMENT

(1.) The petitioner has filed this company petition for binding of the respondent - company under Section 439 read with Section 433 (E) of the Companies Act 1956.

(2.) The petitioner has been running a petroleum and diesel retail outlet in the name of M/s. Bhawani Automobiles at NH -7, Raipura, Katni Road, Panagar, district Jabapur. The respondent company was taking diesel from the petitioners outlet upto 7th January 2013. As per petitioner an amount of Rs.20,84,752/- was outstanding against the respondent - company on account of sale of diesel on 31.3.2013. the respondent - company admitted the aforesaid liability in its balance sheet as on 31.3.3013. The company had paid an amount of Rs.7,50,000/- and balance of Rs.13,34,752/- was not paid. The petitioner made a reminder in regard to payment of aforesaid amount to the respondent. However, the amount was not paid.

(3.) The petitioner served a demand notice. However, the respondent - company did not pay the amount due to the petitioner, inspite of lapse of 21 days from the date of service of the demand notice. The respondent - company is also not managing its true accounts and the balance sheet of the company is not showing the true affairs of the company.