SUMATI CEMENT PVT LTD Vs. DESERT INN LTD

JUDGEMENT

(1.) ALL these company petitions are disposed of by this common order since the controversy involved is common.

(2.) THE dispute is with regard to the principal sum outstanding against Desert Inn Pvt. Ltd. which has not been paid to Swati Cement Pvt. Ltd. and Sushil Kumar and Company. In respect of S.K. Jain, N.K. Goenka and Sumati Cement Pvt. Ltd., the claim of interest only is made. The said claim is based on a letter which has been written by Shri K.S. Duggar dated March 31, 1994. This letter is signed by Shri K.S. Duggar who is stated to be the managing director on March 31, 1994, of Desert Inn Ltd, In this letter it has been confirmed that the loan is payable at 21 per cent. interest per annum and the balances were confirmed. The respondents have disputed any such contract entered into for payment of interest. A notice was issued by the petitioner creditors and the liability of interest was completely denied. So far as the principal sum payable to Swati Cement Pvt. Ltd. and N.K. Goenka is concerned, it was admitted and it was said that the company is ready to make the payment.

(3.) THE argument of learned counsel for both the parties have been heard. On behalf of the company Mr. Agrawal has stated that so far as the principal amount, payable to Swati Cement Pvt. Ltd. and N.K. Goenka is concerned, the payment would be made by November 13, 1996, by demand draft. The account payee demand draft would be delivered to Mr. Kuhad.