MARSONS LTD. Vs. MUNDHRA BRIGHT STEEL

JUDGEMENT

(1.) This was a winding up petition presented by a creditor on the ground that the company is unable to pay its debts. The claim of the petitioning creditor is for balance price of the goods sold and delivered. The facts of the case briefly stated are as follows : - -

(2.) During the period between 23 -9 -1998 and 7 -6 -1999 the petitioning creditor sold and delivered goods worth Rs. 24,09,697 out of which the company paid a sum of Rs. 20,09,108.70 leaving thereby a balance of Rs. 4,00,598.30. The company by its letter dated 9 -6 -2000 wrote to the petitioning creditor as follows : - -

(3.) In spite of the aforesaid promise to pay the company did not pay the aforesaid dues of the petitioning creditor. In those circumstances, a notice under Sec. 434 dated 1 -7 -2000 was issued and thereafter the petition was present.