9911796707
|
Home
Issues involved: Petition for winding-up under Companies Act, 1956, dispute over payment of interest, challenge to order directing payment of interest, interpretation of relevant rules for admission of appeal.
Petition for Winding-up: Messrs Innosearch Ltd. filed a petition under section 439 u/s 433 and 434 of the Companies Act, 1956, seeking winding-up of Messrs Stephen Chemical Limited due to non-payment of goods supplied. Despite reminders and demand notices, the debt remained unpaid. Dispute over Payment of Interest: The company admitted liability for the goods but disputed liability for interest on the amount. The company judge ordered payment of twelve per cent interest on the principal amount, which was challenged by Messrs Stephen Chemical Ltd. They argued that there was no agreement for interest payment and that any dispute should be resolved in a civil court. Interpretation of Relevant Rules: The appellant cited previous cases to support their argument that the appeal should be admitted as a matter of routine. However, the court clarified that the relevant rules of the Punjab and Haryana High Court require a company appeal to be listed for motion hearing before a Division Bench, where the decision to admit for final hearing or dismiss is made based on merits. Conclusion: The court dismissed the appeal in limine, emphasizing that the company judge was the appropriate forum to determine the entitlement to interest when the principal debt was undisputed and paid. The court highlighted the need to avoid multiplicity of litigation and clarified the procedure for admission of company appeals under the relevant rules.
|
