BLISS GRAPHICS (P.) LTD. Vs. MULTI LAYERS PLASTICS

JUDGEMENT

(1.) THE petition was originally admitted for a sum of Rs. 6,04,564.63 together with interest at the rate 6 per cent per annum from 26 -3 -2003 by an order of 6 -12 -2004. However, in a departure from the usual procedure of the petition being permitted to the second stage upon its admission, by the order of 6 -12 -2004 the petition was disposed of upon its admission by giving liberty to the petitioner to recover the sum or the balance sum by instituting appropriate proceedings by treating the order as a decree.

(2.) THE company applied for recalling the order and was put on terms before the order of 6 -12 -2004 was recalled and the company allowed to contest the petition. The company has put in cash security of Rs. 3 lakhs with the advocates of the parties as Joint Receivers in respect thereof.

(3.) THE company asserts that a sum of Rs. 2,18,371.59 was adjusted by the company from out of the amount due to the petitioner, against the company's claim in respect of its dealings with an associate concern of the petitioner. The company relies on a letter said to have been issued on 1 -12 -2003 by one Manoj Kr. Maheswari on behalf of the petitioner accepting such adjustment.