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Claim of outstanding payment by petitioner against respondent company. Analysis: The petitioners filed a company petition against the respondent company claiming a sum of Rs. 357.94 lakhs along with interest at the rate of 18 per cent. The petitioners had submitted a tender for civil work which was accepted by the respondent company, and the work was completed to the satisfaction of the respondent without any disputes raised regarding quality or time taken. Despite multiple assurances and promises by the respondent to settle the dues, no payments were made, causing financial hardship to the petitioners. The respondent company admitted its liability on various occasions through letters and telefaxes but failed to pay the outstanding amount. The respondent offered to settle the dues in instalments but did not fulfill these promises. The respondent also raised a counter-claim during the proceedings, which was deemed devoid of merit by the court. The court noted that the respondent's defense lacked substance and good faith, as the liability was unequivocally admitted by the respondent multiple times. Despite acknowledging the debt and promising repayment, the respondent failed to clear the outstanding dues. The court observed that the respondent was unable to pay the debts, as evidenced by a net loss shown in the balance sheet. Considering the facts and circumstances of the case, the court admitted the petition for hearing and ordered the publication of citations in newspapers. If the outstanding debts were paid within three weeks, the publication of citations would be avoided.
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