LAG COMPANY LTD Vs. LAKSHMI FLOAT GLASS LTD

JUDGEMENT

(1.) This is a winding up application coming up for admission. The statutory notice was issued on 10-8-2010. This application was filed on 23-11-2010 on a claim of Rs. 1,01,48,543.37 without interest, against the Company. In the Affidavit-in-Reply of the petitioning creditor such claim was scaled down to Rs. 50,08,921.

(2.) This petitioning creditor is a Delhi Company. For several years it has been dealing with the respondent-Company which has its registered office at 3, Hungerford Street, Kolkata - 700 017. For the last 25 years the Company has been supplying glass and allied products to the petitioning creditor maintaining a mutual open and current account. It appears that this account was discussed between the parties on 14-9-2009. The minutes of discussion are annexure 'B' to the petition at page 26. According to these minutes the Company admitted that it had dues towards the petitioning creditor of a sum of a little over Rs. 1.1 crores. Hearing the submissions of the learned Counsel for the parties, I have understood that the petitioning creditor used to keep in deposit substantial sums of money with the Company. The Company used to supply glassware as stated above. The price of the goods was adjusted by the Company against the deposits made by the petitioning creditor.

(3.) It appears that the parties agreed on 14-9-2009 that not more than rupees twenty thousand would be adjusted against each consignment sold by the Company to the petitioning creditor. Now, according to the learned Counsel for the petitioning creditor this arrangement was never acted upon.