ASHOK KUMAR AGARWAL Vs. ADHUNIK CEMENT LTD

JUDGEMENT

(1.) Heard Ms. M. Hazarika, learned Senior Counsel for the petitioner. The respondent company is represented by Mr. G. N. Sahewalla, learned Senior Counsel.

(2.) The petitioner seeks winding up of the respondent company under Section 433 and 434 of the Companies Act, 1956 on the ground that the respondent/company is unable to pay its debt, or should be considered as deemed unable to pay its debts, on demand made by the petitioner.

(3.) The petitioner was engaged as a transporter by the respondent company, to carry construction materials from different places like Kolkata, Durgapur etc. to the factory site of the respondents at Lumshnong of Jaintia Hills in the State of Meghalaya. According to the petitioner, the respondent cleared all the carriage bills raised by the petitioner up -till 25.04.2009. But since 26.04.2009, the respondent dishonoured the petitioner's bills and accordingly an amount of Rs. 44,58,486/ - became due from the respondent. Thereafter, on 11.09.2009 a notice under Section 434 of the Companies Act was served on the respondent company demanding payment of Rs. 44,58,486/ -(Rupees Forty Four Lakhs Fifty Eight Thousand Four Hundred Eight Six only) within three weeks from the date of receipt of the notice or else winding up proceeding under the Companies Act was threatened against the noticee.