LAWS(P&H)-2000-2-115

TEXCON ENERGIES Vs. EURO COTSPIN LIMITED AND OTHERS

Decided On February 08, 2000
TEXCON ENERGIES Appellant
V/S
Euro Cotspin Limited And Others Respondents

JUDGEMENT

(1.) THE petitioner -firm is a registered partnership firm. It had filed an application under section 433(e) read with section 439 of the Companies Act, 1956 (for short "the Act"). It seeks winding up of M/s. Euro Cotspin Limited (hereinafter described as "the respondent -company") for its inability to repay its debts. It had been stated by the petitioner that it had been supplying paper cones for a considerable period to the respondent -company and a running account for the supply made was maintained. The items supplied were stated to be taxable under the Sales Tax Act. The respondent -company was also sending their statement of account for reconciliation of accounts throughout the periods 1996 -97 and 1997 -98. On March 31, 1998, statement duly signed by the respondent -company was received showing that a sum of Rs. 7,68,100 was payable to the petitioner -firm. The petitioner's claim was that Rs. 8,95,553 was due. The respondent -company had issued a cheque for Rs. 1,00,000 on April 13, 1998, which was dishonoured. The present petition had been filed for winding up the respondent -company.

(2.) IT has been asserted that on April 30, 1998, further material was supplied worth Rs. 3,13,560. Upon final reconciliation of the accounts, a sum of Rs. 10,48,408 on account of principal amount and Rs. 5,56,398 on account of interest was due from the respondent -company.

(3.) THIS court on March 11, 1999, had admitted the petition and it was further observed as under :