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Issues:
Winding up petition under sections 433 and 434 read with section 439 of the Companies Act, 1956 for outstanding payments against respondent-company. Detailed Analysis: 1. Background and Transactions: The petitioner, a steel strips company, filed a winding-up petition against the respondent, a bike and auto bike wheels manufacturer, for non-payment of outstanding dues totaling Rs. 5,18,480.39. The petitioner had supplied goods worth Rs. 17,18,480.39 to the respondent between November 1993 and September 1994, but only received Rs. 12 lakhs in payment. Despite repeated requests and reminders, the respondent failed to clear the remaining amount. 2. Correspondence and Cheques: The petitioner presented evidence of correspondence and post-dated cheques issued by the respondent, which were not encashed due to insufficient funds. The respondent's letters requesting material supply and sending a pay order further confirmed the transactions and outstanding payments. The respondent's failure to honor the cheques indicated its inability to settle the dues. 3. Settlement Claims and Quality Disputes: The respondent claimed that all old accounts were settled on September 13, 1994, and fresh dealings commenced. However, the letter cited did not confirm complete settlement. Allegations of poor quality goods supplied by the petitioner were refuted as no complaints were made by the respondent, and payments were made towards outstanding amounts without any quality dispute. 4. Notice Receipt and Liability Acknowledgment: The respondent denied receiving the winding-up notice, but evidence of postal receipt and acknowledgment proved otherwise. The court emphasized that the respondent's liability to pay amounts exceeding Rs. 500, despite demand, was crucial. The respondent's admission of receiving material worth Rs. 44,215.30 but claiming it was defective lacked substantial evidence or complaints to support the claim. 5. Court Decision and Liability Determination: The court admitted the petition based on the respondent's failure to pay the outstanding amount despite demands. The respondent's defenses were deemed insubstantial, and its inability to clear debts led to the court holding the respondent liable for the payment. The petition was ordered to be published for further proceedings on a specified date. This detailed analysis highlights the key aspects of the judgment, including the transactions, correspondence, quality disputes, notice receipt, liability determination, and the court's decision to admit the winding-up petition based on the respondent's failure to pay the outstanding dues.
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