CHATTERJEE CONSTRUCTION Vs. VERSATILE CONSTRUCTION P LTD

JUDGEMENT

(1.) THIS is an application under Section 433 and 434 of the Companies Act, 1956 (hereinafter referred to as 'the Act') for winding up of the opp. party -company, M/s. Versatile Construction (P) Ltd. (hereinafter referred to as 'the Company').

(2.) IT is stated in the petition that the opp. party -company entrusted the petitioner with the construction work of the multi -storied apartment in the name and style of 'Satyasai Apartment' at Lewis Road, Bhubaneswar and for this purpose, the parties entered into an agreement on 14.12.1998 containing the terms and conditions agreed to between them for execution of the above work. The petitioner claimed to have executed various works entrusted to it under the said agreement by investing huge amount of money and submitted number of bills to the opp. party -company for the works done. It is alleged in the petition that the running bills of the petitioner were not paid in time and further, the dues of the petitioner, which the opp. party -company is liable to pay, amounting to Rs. 37,27,972.71 still remains outstanding on the opp. party -company. Accordingly, the petitioner issued an Advocate's notice by registered post on 6.12.2002, which was received by the opp. party -company. The agreement between the parties has been annexed to the petition along with other documents. On the above basis, the petitioner has sought for winding up of the opp. party -company.

(3.) IN course of hearing, Learned Counsel for the petitioner relying upon the agreement between the parties and various bills submitted to the opp. party -company contended that the claim of the petitioner being a bona fide one and the opp. party -company having not paid the dues of the petitioner, the said company is liable to be wound up.