MONOCHEM GRAPHIC PVT. LTD. Vs. INDOFARM INDUSTRIES LTD.

JUDGEMENT

(1.) THIS appeal has been preferred against order of learned Company Judge dismissing the winding up petition filed by the Appellant on the ground of inability of the Respondent company to pay an admitted debt.

(2.) CASE of the Appellant is that it supplied goods to the Respondent for the period from 29.10.2005 to 19.3.2007 and according to the claim of the Appellant, the balance amount left was Rs. 1110147.10. The Appellant served a demand notice, to which the Respondent in its reply dated 10.1.2008, admitted the liability. However, the Respondent filed a suit on 2.4.2008 raising CAPP No. 32 of 2010 a claim against the Appellant. According to the Appellant, the said suit was a counter -blast to the winding up petition and was based flimsy grounds. No dispute was raised about the quality of material supplied at appropriate time.

(3.) A reply was filed to the winding up petition, denying liability and stating that the Respondent had offered to reconcile the accounts and to pay such amount as may be found to be payable, but the Petitioner did not accept the same.