MARIGOLD PAPERS LIMITED Vs. RENUKA PACKAGES PVT. LTD

JUDGEMENT

(1.) THE present petition under Sections 433 and 434 read with Section 439 of the Companies Act, 1956 (for short "the Act"), has been preferred by the petitioner Messrs. Marigold Papers Limited, for the winding up of the respondent company Messrs. Renuka Packages (Pvt.) Limited, having its registered office at Trilokpur Road, Kala Amb, in district Sirmaur.

(2.) BRIEFLY , the averments made in the petition are these. The respondent company had approached the petitioner company through Messrs. Ratna Vanijya Paper and Board Merchants, for the supply of 10 mt. kraft paper vide confirmed order dated April 1, 1997, at the agreed rate of Rs. 14.05 paise per kg. In pursuance of such order the petitioner company supplied kraft paper worth Rs. 1,34,793 to the respondent company vide invoice dated April 10, 1997. As per the terms of the invoice vide which the supply of kraft paper was made, payment for the supply was to be made by the respondent company within seven days of the receipt of the consignment failing which interest at the rate of 24 per cent. per annum was to be charged. The total amount of interest claimed till the date of the present petition has been assigned at Rs. 91,600.

(3.) THE respondent company resisted the petition on the following grounds :