STEEL STRIPS LTD Vs. HIM TEKNOFORGE LTD

JUDGEMENT

(1.) THIS case has a chequered history and pleadings of the parties in Company Petition No. 5 of 2001 makes an interesting reading. With a view to properly appreciate and understand the case as was projected on behalf of the parties at the time of hearing, few facts which are relevant and necessary for deciding this appeal need to be noted.

(2.) PARTIES had business dealings between them. Appellant had admittedly supplied some material to the respondent, who had been making payments from time to time regarding such supplies. Appellant claims that as on 1 4 1999 a sum of Rs. 1,21,93,169.48 paise was due and outstanding payable by the respondent to it. This amount was inclusive of interest up to 31 3 1999. Further case of the appellant is that 8 cheques of the total value of Rs. 27,82,799 were issued by the respondent towards the outstanding amount. These were dishonoured when presented to the bankers of the respondent for encashment with the endorsement exceeds arrangements. Further case of the appellant is that a sum of Rs. 6,12,648 is also due and outstanding payable by the respondent for the supply made by its sister concern SAB Industries Limited which has been taken over by the appellant. Thus the sum of Rs. 1,21,93,169.48 paise was due to the petitioner company as on 1 4 1999 as detailed hereinabove.

(3.) WHAT is the effect of these annexures will be dealt with hereinafter on the basis of respective submissions those were urged at the time of hearing of this petition.