CALCAST FERROUS LIMITED Vs. STATE

JUDGEMENT

(1.) This is an application for winding up of the respondent company, on the ground that it is unable to pay its debts. It is appearing before me for admission, after exchange of affidavits.

(2.) By an order dated 13th July, 2011 passed by this court the steel division of SRC Udyog Limited was demerged from this company and merged with the petitioner. The demerger was effective from 1st April, 2010. As a result of this demerger the petitioner acquired all the assets, liabilities and actionable claims of SRC Udyog Limited.

(3.) SRC Udyog Limited had from time to time supplied goods like Plate cut from HR Coil to the company, under 15 invoices between 2009-2010 and 2010-2011. The value of the invoices was Rs. 1,88,47,732/-. According to the petitioner, between 10th June 2013 and 27th July, 2013 the company made part payments amounting to Rs. 30 lakhs by 4 cheques drawn on Punjab National Bank. After giving credit to the said payment a sum of Rs. 1,58,47,732 was due and owing from the company to the petitioner as on the date of filing of the winding up application.