ABC INDIA LIMITED Vs. CALCOM CEMENT INDIA LTD.

JUDGEMENT

(1.) Heard Mr. R. Hussain, learned counsel for the petitioner. Also heard Mr. S. R. Gogoi, learned counsel representing the respondent.

(2.) This Company Petition has been filed under Sections 433 , 434 read with Section 439 of the Companies Act, 1956 praying for issuance of an order for winding up the respondent company on account of its inability to pay the admitted debt.

(3.) The factual matrix of the case, as projected through the pleadings, is that the petitioner company is engaged in various business activities including transportation of cement manufactured in India or elsewhere. On 06.03.2010, the respondent company, which is a company engaged in manufacturing of cement, had entered into an agreement with the petitioner company appointing it as a Clearing and Forwarding (C & F) Agent exclusively for handling cement at the warehouses at Guwahati, Dibrugarh, Silchar, Agartala, Aizawl, Dimapur, Banderdewa, Bhalukpung, Shillong or at any other place as and when required. The said agreement was valid for a period of three years with effect from 01.01.2010 and had contained a provision for extension of the period of agreement on mutually agreed terms. The agreement dated 06.03.2010 contains various terms and conditions governing the rights and obligation of the parties including those pertaining to payment of monthly expenses for the warehouses, payment of bills on account of handling charges and the interest component payable thereon in case of delay in payment beyond the stipulated period.