RAMESHWAR LAL GOVINDRAM Vs. AVR TEXFABS (P.) LTD.

JUDGEMENT

(1.) Instant company petition has been filed under sections 433(e) & 434 of Companies Act, 1956 ('Co. Act') seeking winding up of M/s AVR Texfabs (P.) Ltd. ('respondent-Co.').

(2.) M/s. Rameshwarlal Govindram (petitioner) is a proprietary-Firm duly engaged in the trade of iron goods and its Proprietor (Kishanlal Agarwal) is residing at Madanganj-Kishangarh (Ajmer). Petitioner-Firm supplied iron goods from time to time to respondent-Co., and as per statements of accounts against good supplied, a sum of Rs. 8,35,208 (Rupees eight lakhs thirty five thousand two hundred eight only) was outstanding and recoverable as on 30-9-2008 against M/s. AVR Texfabs (P.) Ltd. (respondent-Co.) which is a private limited Co., incorporated in August, 2005, having capital of Rs. two crores twenty five lakhs divided into 22,50,000 equity shares and amount of paid up equity capital is of Rs. one crore eighty nine thousand only. Its Directors are both, husband and wife, and as alleged, time and again, requests were sent to respondent-Co., and its Directors to settle the accounts but both the Directors have only informed that payment of such outstanding dues would be made. However, written request was sent by registered post on 15-10-2008 to respondent-Co., while endorsing its copy to respondents-2 & 3 (Directors) but these written letters were returned back with an endorsement made by postman that the addressee refused to accept; and finally when no response came forward, petitioner-Firm sent legal notice dated 14-11-2008 (Ann.3) through registered post (Ann.4) to respondent-Co. under sections 433 & 434 of Co. Act, and its Directors (respondents-2 & 3) asking them to make payment of outstanding dues as on 30-9-2008 to the tune of Rs. eight lakhs thirty five thousand two hundred eight, along with interest payable with effect from 1-10-2008 till actual payment. Despite legal notice being served, neither any reply thereto was sent by respondent-Co. nor payment of outstanding dues as per legal notice was made. Hence instant company petition.

(3.) Notices were issued by the court vide order dated 20-2-2009, pursuant to which, reply has been filed by respondent-Co., wherein this fact has not been controverted that they have business dealings for trading of iron goods with petitioner-Firm and as per its ledger account as on 1-4-2008, opening balance was of Rs. 7,18,963 as Credit and against which, two entries have been shown as debit each of Rs. one lakh as cash payment being made on 28-4-2008 & 15-5-2008; besides entry of Rs. two lakhs as payment through cheque dated 24-6-2008 drawn on Bank of Baroda; and for balance, claim is shown to have been settled of Rs. 3,18,963.