JINDAL STRIPS LIMITED Vs. HITEK INDUSTRIES (BIHAR LIMITED

JUDGEMENT

(1.) THIS is an application under Sections 433(e), 434(1)(a) and 439(1)(b) of the Companies Act, 1956 (hereinafter to be referred to as 'the Act'), for winding up of the opposite party Company. The opposite party i.e. Hitek Industries (Bihar) Limited is a Company incorporated and registered as a Public Company and its registered office is situated at Mahilong, Ranchi.

(2.) THE main objects of the petitioner Company is to do business in different fields of Industries. The petitioner is manufacturer of C.R.C.A. Sheet, Coil, Cold Rolled Sheet concealed annealed etc., and it was placed with orders by the opposite party Company for C.R.C.A. Coils under Invoice/Bill No. 8288, dated 31.3.1993 for 30,000.00 M.T. at various rates inclusive of freight charges aggregating to Rs. 5,03,802/ - including Excise duty etc. The said invoice/bill is contained in Annexure -1 to this Company petition. The goods were supplied and then bills were submitted and the same was to be paid by the opposite party Company as after the orders have been placed and the petitioner supplied and delivered goods to the opposite party, the same were received without raising any dispute as regards the quality, quantity and price thereof. In that view of the matter, a sum of Rs. 5,03,802/ - have become due and payable under the aforesaid invoice.

(3.) THE petitioner's case is that as the opposite party from their tennor and behaviour could reveal their insolvency to make payment to the petitioner and when the liability is in excess of Rs. 500/ -, then the petitioner has got no other alternative but to proceed against the opposite party for winding up the Company. It was further mentioned that under the original jurisdiction of the High Court of Bombay, the petitioner had also filed a money suit registered as Suit No. 169 of 1994 for realisation of the amount due from the opposite party, but in that suit also, the opposite party on this plea or that plea were not appearing and avoiding appearance only to defeat the claims of the petitioner. hence this company petition.