1982 (11) TMI 114

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..... hat for the Respondent. JUDGMENT Chandrakantaraj Urs, J. This petition under section 433( e ) and ( f ) of the Companies Act, 1956, is made by the Southern Industrial Polymers (P.) Ltd., having its registered office at Madras. It is alleged by the petitioner that the respondent, Amar Formulators Electronics (Pvt.) Limited, Bangalore, incorporated and registered under the Companie .....

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..... itioner-company by instalments as mentioned in a joint memo of agreement entered into between the parties. In terms of the joint memo, the petitioner had also agreed to withdraw the petition. In other words, the claim of the petitioner is admitted by the respondent company to the extent indicated in para. 7 of the objections statement. However, apparently, the memorandum of agreement was not acted .....

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..... n agreement entered into during the pendency of the proceedings. The payment made by the respondent-company is clearly indicative that the respondent-company is commercially solvent. Therefore, an exercise of the jurisdiction under section 433 of the Act, admitting the petition merely because the rate of interest agreed to between the parties in regard to the transactions is disputed, would be unj .....

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