OKCHAND Vs. V.D. AGRO TECH LIMITED

JUDGEMENT

(1.) This Company Petition under the provisions of Companies Act, 1956 (for short "the Act") has been filed by the petitioner, a proprietorship concern, seeking winding up of the respondent Company-V.D. Agro Tech Limited, on the ground of its failure, neglect and inability to pay the debt.

(2.) The facts relevant are that the petitioner, a proprietorship concern, during the period from February, 1999 to April, 2000, sold, supplied and delivered to the respondent, a public limited company, mustard seeds (sarso) used for manufacturing of oil, raised invoices and extended the credit facility as per the market practice. The goods supplied were confirmed by the respondent company while issuing relevant Sales Tax Forms i.e. ST-17 (D form) to the petitioner alongwith the details mentioning the dates of invoices, invoice numbers and value of the material supplied by the petitioner. According to the petitioner, after adjusting the payments made, the principal sum of Rs.8,50,000.00 and interest thereon amounting to Rs.1,88,134.00 (total Rs.10,38,134.00) became outstanding in the company's account as on 31/3/1. The company made payment of Rs.1,25,000.00 during the year 1/4/1 to 31/3/2 and thereafter, no payment was made. It is submitted that as on 30/6/2, a sum of Rs.11,54,157.00 remained outstanding. Despite several reminders, the company failed to clear the said outstanding dues payable by it and therefore, the petitioner sent a notice by registered post with acknowledgment due, but the same was received with the endorsement of refusal. Hence, this petition.

(3.) A reply to the petition is filed by the respondent company wherein the liability to pay Rs.11,54,157.00 as claimed by the petitioner concern is denied. According to the respondent company, the outstanding amount was paid to the petitioner concern in the month of March, 04 by cheques, details whereof as set out in the petition, are as under:-