TAULIS PHARMA LTD Vs. BENGAL IMMUNITY LTD

JUDGEMENT

(1.) This appeal is directed against the judgment and order dated 8-4-1999, passed by a learned single judge of this court whereby and whereunder an application filed by the appellant herein for winding up of a company was dismissed. The only question which arises for consideration in this appeal is the interpretation of the provisions of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 ('the Act').

(2.) The admitted facts of the matter are that pursuant to a contract between the parties the petitioner had sold and delivered to the company diverse quantities of goods which the company had received and accepted but failed and/or neglected to pay the price thereof despite several demands. The respondent has terminated the contract.

(3.) A statutory notice in terms of Section 434 of the Companies Act, 1956, was served but the same had not been replied to. It is also admitted that the company has filed an application in terms of the second proviso appended to Section 15 of the Act before the Board for Industrial and Financial Reconstruction ('the BIFR') wherein a rehabilitation scheme had been sanctioned. Admittedly, the claim of the writ petitioner had not been included in the scheme as the same arose after sanction thereof but during its implementation.