PAWAN KUMAR BHAWSINKA Vs. SATYAM REAL ESTATE DEVELOPERS

JUDGEMENT

(1.) The petitioner-Pawan Kumar Bhawsinka has filed this Company Petition under sections 433, 434 and 439 of the Companies Act, 1956 read with Rule 95 of the Companies Court Rules praying for winding up of the opposite party company, namely, M/s. Satyam Real Estate Deveopers Pvt. Ltd. for failure of said company to pay the debts and for realization of outstanding amount to the tune of Rs.1,64,203.77 along with interest and costs out of the assets and properties of the opposite party-company.

(2.) Shortly stated, the case of the petitioner is that while carrying on the business in the name and style Tyle World dealing in tiles, marble, cement and other house building materials, he supplied tiles to opposite party-M/s. Satyam Real Estate & Developers Pvt. Ltd. on verbal orders being placed by the Managing Director, Shri Sheo Prakash Jhunjhunwala of the said company on different dates on credit sale basis during the period between 06.05.2000 and 25.01.2001. According to the petitioner, the materials were being supplied on cash as well as on credit basis on the condition that payment was to be made within stipulated time after sale and delivery. The petitioner has alleged that in respect of the outstanding credit bill of Rs.1,64,203.77, the opposite party-company through its Managing Director, Shri Sheo Prakash Jhunjhunwala, issued an Account Payee Cheque bearing No.773397 drawn on Syndicate Bank, Cuttack amounting to Rs.1,00,000/- but the same was returned on account of funds insufficient . Despite personal contact on various dates, the Managing Director of the opposite party-Company has failed to repay the outstanding bill of Rs.1,64,203.77P to the petitioner.

(3.) The opposite party-company in its reply to the petition has disputed the facts averred in the petition and denied the charges. The company has stated that it has received the goods to the extent of Rs.2,76,662/- against which Rs.2,76,000/- has been paid and only a sum of Rs.662/- remains for payment and in view of that the company having assets of immovable properties valued at crores of rupees cannot be declared to be in a state of insolvency and unable to pay the debt of Rs.662/-.