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TMI Blog1984 (9) TMI 244X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner. G.R. Majithia and Arun Sanghi for the Respondent. JUDGMENT Rajendra Nath Mittal, J. Briefly the facts are that the petitioner supplied goods of the value of Rs. 1,52,708 to the respondent from November 28, 1979, till June 25, 1980. The respondent did not make the payment of the bills. Consequently, the petitioner moved an application for winding-up of the respondent on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest, the petition be ordered to be advertised. The case was adjourned on August 23, 1984, for arguments to September 6, 1984. On September 4, 1984, C.A. No. 142 of 1984 was filed by the respondent, inter alia , stating that the principal amount had been paid and the amount of interest was disputed by the respondent. It is further stated that the respondent was willing to furnish security fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntitled to claim interest after the principal had been paid. I, after hearing learned counsel, granted interest at the rate of 12 per cent. per annum to the petitioner-company, i.e. , Messrs Innosearch Ltd. Messrs Stephen Chemical Ltd., having felt aggrieved, went up in appeal. The learned Division Bench held (at p. 704): "...where the company judge was seized of the matter and when the liabili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd under the invoices it is mentioned that if the amount is not paid before a particular date, the respondent would be liable to pay interest at the rate of 19.5 per cent. per annum. The goods were accepted by the respondent and it did not raise an objection regarding the said clause. Otherwise also from the general custom of the trade, the purchaser is liable to pay the interest in case the price ..... X X X X Extracts X X X X X X X X Extracts X X X X
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