LEELA MERCANTILE PRIVATE LIMITED Vs. EASTMAN FAB LIMITED

JUDGEMENT

(1.) The petitioner-company has filed the present petition under Sections 433(e), 434 and 439 of the Companies Act, 1956 (in short, "the Act") for winding up of the respondent-company for its inability to pay its liability and for the reason that it is just and equitable to wind up the aforesaid company.

(2.) The petitioner company is a private limited company and is engaged in the business of manufacturing, trading and sale of sugar boiled confectionary like sweets, candies etc. and also packaging material. The respondent company is a limited company incorporated under the provisions of the Act. It placed an order on the petitionercompany for packing material for the packaging of 'Lejon' brand of sweets and candies manufactured and sold by the respondent- company. The petitioner supplied the packaging material and had also issued invoice No.1 dated 25.4.2007 for a sum of Rs.4,08,815/-.

(3.) Notice of this petition was issued to the respondentcompany. The petition has been contested by the respondent by filing reply. The primary ground of contest as raised in paras 10 to 12 of the reply is that the petitioner had closed its manufacturing unit and had requested the respondent to keep the packing material with it with the condition that the payment shall be subject to the sale of the material and therefore, no amount as claimed by the petitioner is due.