RAMDEO RANGLAL Vs. GHOORONIA TEA CO. (P.) LTD.

JUDGEMENT

(1.) THIS petition has been filed under Sections 433 and 434 of the Companies Act, 1956, hereinafter referred to as the Act, for winding up the respondent -company, namely Ghooronia Tea Co. Pvt. Ltd. and for appointment of Official Liquidator.

(2.) THE petitioner is a registered partnership firm having its registered office at Dibrugarh, Assam and is engaged in the business of banking. The respondent -company have been borrowing monies from the petitioner -firm from time -to -time for the purpose of payment to the members of the staff and the workers and to meet other financial exigencies. The terms and conditions amongst others also include payment of interest at the rate of 24% and fixed monthly commission of Rs. 1,500. The respondent -company was not in default in repayment till 1996. By the letter dated 23 -12 -1997, the Company admitted their liability for repayment of Rs. 7,21,127.73 and promised to clear the same on or before 23 -12 -1997. Subsequent thereto, the respondent -company also issued six pay orders. Thereafter it defaulted and made no payment. The outstanding amount as on 30 -4 -2000 was Rs. 11,95,586. The petitioner -firm issued legal notice demanding payment of the outstanding amount within a period of three months. The Company failed to discharge their liability.

(3.) THE petition was admitted for hearing by the order dated 19 -9 -2001 and notices were directed to be published in Form 48 in accordance with the provisions of Rules 96 and 24 of the Companies Rules.