COMPACT PACKERS PVT LIMITED Vs. ARKSAN LIMITED

JUDGEMENT

(1.) The present petition has been filed M/s Compact Packers Pvt. Limited, hereinafter described as "the petitioner company" under Section 433 read with Section 434 of the Companies Act, 1956 (for short 'the Act') seeking winding up of M/s Arksan Limited, hereinafter described as "the respondent Company."

(2.) It has been asserted that the respondent-company carries on the business of manufacturing of all kinds of sanitary wares, fittings and fixtures and also carries on the business of importers and exporters and deals in all kinds of industrial, personal and household goods. The petitioner-company has been supplying the corrugated boxes to the respondent-Company. The respondent-company could not maintain the schedule of payment. Payment was to be made within 30 days of the despatch of the goods failing which interest at the rate of 24% per annum was to be charged. The material as mentioned in the invoices and received by the respondent-company and utilised in its business pursuits. The petitioner-company has given details of the supplies made to the respondent-company on different dates which is as under:- <TAB> "Bill No. Date . Amount (in Rs. ) 754 25.03.1997 1,29,476.00 816 13.06.1997 1,09,591.00 852 22.07.1997 59,845.00, Total Rs. 2,98,812.00 " </TAB>

(3.) Bill No. 852 is stated to be originally for higher value i.e. Rs. 77,463/- but for the rest debit note was raised as one particular challan was not received. It is the case of the petitioner-company that against the above said bills payments have been received, namely, Rs. 25,000/- on 12.3.1998; another Rs. 25,000/- on 1.7.1998 and again on 26.9.1998 Rs. 25,000/-. All these payments were made against Bill No. 754. No payment has been received against the other bills.