MAP AUTOLTD Vs. DEEP SHIKHA AUTOS PVT LTD

JUDGEMENT

(1.) HEARD learned counsel for the parties.

(2.) PETITIONER is a Private Limited Company and has filed this petition praying. inter alia, to wind up M/s Deep Shikha Autos Pvt. Ltd. (hereinafter referred to as the Company) in terms of the provisions contained in Sections 433(a), (c), (e) read with Sec. 434 of the Companies Act, 1956 (hereinafter referred to as the Act) primarily on the ground that the company has not been able to pay its debt amounting to Rs. 33.03 and 14.94 lacs. In support of such claim, reliance is being placed on the books of account maintained by the petitioner for the period 1.4.1994 to 31.3.2000 as contained in Annexure -9 to flag '13 ', part whereof for the period between 1.4.1999 to 31.3.2000 was annexed with the winding up petition, as Annexure -2.

(3.) IN terms of the MOU, the company placed orders with the petitioner requesting it to supply auto parts to the dealers named in the supply order as is evident from the supply order dated 17.5.1999, 22.5.1999 and 15.5.1999, as contained in Annexure '4 ' to flag '2 ' and under letter dated 18.5.1999, Annexure -6 to flag '2 ' the company further informed the petitioner that they have already posted draft of Rs. 20 lacs against outstanding balance of Rs. 56.92 lacs which outstanding they are yet to confirm and then proceeded to express apprehension that collection/payment may fall as the parties have not received supplies for the last two months.