SHITAL FIBERS LTD Vs. INDIAN ACRYLICS LIMITED

JUDGEMENT

(1.) This is an appeal against the order of the learned Company Judge ordering the petition filed by the respondent for winding up the appellant to be admitted in the event of the respondent not settling the petitioner's dues.

(2.) The respondent i.e. the petitioning-creditor filed a petition for winding up the appellant inter alia on the ground that it is unable to pay its debts. The respondent's claim is for the price of goods viz. acrylic yarn, sold and delivered by it to the appellant. The claim in the sum of Rs.8,92,723/- is on account of the balance amount due under four invoices.

(3.) The receipt of the goods is not denied. The appellant also admits having appropriated the goods in respect whereof the claim has been raised, but contends that the goods were not of the requisite quality. The defence is not bona-fide. The order of the learned Company Judge must, therefore, be upheld.