AMIN SCALES LIMITED Vs. MD. YAKUB

JUDGEMENT

(1.) These two appeals have been preferred by a private limited company against whom a proceeding for winding up, being Company Matter No. 27 of 1986 is pending before the learned Company Judge of the High Court Division.

(2.) An application for winding-up on the ground of non-payment of debt was filed by the respondent-petitioner, a businessman, on 29 July 1986 and it was admitted for hearing by the learned Company Judge by an order date 7 August 1986 and the matter was fixed for hearing on 3 September 1986. On the dated thus fixed a petition was filed by the company for dismissing the application for winding-up on the ground of bonafide dispute as to the alleged debt of the company, in the alternative, for staying all further proceedings of the matter including advertisement till disposal of a civil suit filed by the company against the respondent- petitioner in respect of the same claim of debt. The learned Company Judge by an order dated 3 September 1986 rejected both the prayers whereupon the company obtained leave from us and thereby preferred these two appeals challenging the order of admission of the winding-up application, as well as the order refusing to dismiss the application or to stay the proceedings.

(3.) Respondent in his application for winding-up alleged that the company, Amin Scales Limited, took from him a loan of Tk. 48. 65 lacs in two instalments, the first instalment of Tk. 13.65 lacs and the second instalment of Tk. 35 lacs, for the purpose of his business of manufacturing and sale of scales on a promise to repay it within a short period. The company then issued two cheques, one dated 21-10-85 and the other dated 10-3-86, in favour of the respondent by way of repayment of the loan but both the cheques were dishonoured. Thereafter the company denied the liability altogether, whereupon the respondent served a notice under section 162 of the Companies Act upon the company and filed the application for winding-up.