SAYEDABAD TEA COMPANY LTD Vs. SHAKTI HIGHWAY ENTERPRISES

JUDGEMENT

(1.) A winding up petition was filed by one M/s. Shakti Highway Enterprises, the Respondent herein, (hereinafter referred to as 'the creditor'), under sections 433, 434 and 439 of the Companies Act, 1956, (in short ?the Act?), for winding up of M/s. Sayedabad Tea Company Ltd., the Appellant herein, (hereinafter referred to as 'the company'), on the ground that the company had failed and neglected to pay its debt (principal amount Rs. 2,89,646/- plus interest) to the creditor.

(2.) By an order dated October 7, 1999 a learned Judge of this Court admitted the petition for winding up for a sum of Rs. 2,89,646/- plus interest and granted liberty to the company to pay the dues within a fortnight. It was the further order that in default of payment the creditor would be at liberty to publish advertisement in daily Newspapers for the winding up of the company.

(3.) Being aggrieved, the company has preferred this appeal. By an order dated November 15, 1999 the appeal was admitted and operation of the impugned order was stayed on the condition that the company would furnish security for a sum of Rs. 2,89,646/- by way of Bank guarantee. We are informed that the security was duly furnished.