BOMBAY ADHESIVES Vs. T.P.L. INDUSTRIES LIMITED

JUDGEMENT

(1.) This Company Petition under Sec. 433 read with Ss. 434 and 439 of Companies Act, 1956 (for short "the Act") has been filed by the petitioner, a HUF concern, seeking winding up of the respondent Company -T.P.L. Industries Limited, on the ground of its inability to pay the debts.

(2.) The facts relevant are that the petitioner concern, was given orders by the respondent Company to supply textile chemicals. As per the terms settled between the parties, the credit period of one month was allowed for making payment against the supplies made. The petitioner concern supplied the material to the respondent Company during the period from 1.9.05 to 7.9.06 through various bills issued for the value Rs. 5,81,360/ -, the details whereof has been set out by the petitioner in para No. 8 of the petition.

(3.) Precisely, the case of the petitioner is that despite request being made on several occasions, the respondent Company failed to discharge its liability to make payment the principal amount of Rs. 5,81,360/ - and interest thereon @ 21%. It is submitted that the respondent Company having failed to pay the sum due despite a demand being raised by the petitioner Company by way of legal notice duly served by registered post, by virtue of provisions of Sec. 434, it will be deemed that the respondent Company is unable to pay debts and therefore, deserves to be wound up.