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TMI Blog1992 (9) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... le to wind up the respondent-company. Briefly, the facts stated in the petition are that the petitioner-company entered into business transactions with the respondent-company and in the course of business, the respondent-company placed various orders for laddle sleeves from time to time which the petitioner supplied as per terms and conditions as were agreed upon between the parties. The material was received by the respondent-company but payment was not made corresponding to the bills so raised and as such the petitioner opened a running account of the respondent-company and entries in respect of the bills were duly debited to the account of the respondent-company. The petitioner kept the account of the respondent-company in the registers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner. It is pleaded that the respondent-company had in fact given confirmation of the balance amount of Rs. 45,262.50 as on March 31, 1989. A copy of the confirmation has been placed on record as annexure P-12. On the aforesaid facts it is pleaded that the respondent-company has failed to make any payment of the admitted and due debt within the stipulated period as contained in the bills and as such the petitioner is also entitled to interest as per the stipulation, i.e., 24 per cent, from the date when the amount fell due. The total amount inclusive of interest as due is stated to be Rs. 77,263.36. Besides the debt stated to be due to the petitioner, it is also pleaded that the financial position of the respondent-company is not very ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... doubled during the six months ending September 30, 1990, i.e., it is Rs. 1,637.94 lakhs while in the previous year it was Rs. 1,538.95 lakhs for the whole year. Also, the net profits during the said period are to the tune of Rs. 71.65 lakhs. It has 350 employees and daily turnover is stated to be between Rs. 10 lakhs and Rs. 15 lakhs and there are no arrears of salary/provident fund, Employees' State Insurance. The latest monthly report ending September 30, 1990, has been annexed with the written statement. The plea of limitation has also been raised as the goods were supplied between December 24, 1986, and April 16, 1987, whereas the petition was filed in July, 1990. In so far as the confirmation letter, annexure P-12, is concerned the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated May 20, 1987, the petitioner is stated to have deputed its representative Shri Arora who visited the premises of the respondent-company on July 22, 1987, and was fully satisfied about the defective and substandard quality of laddie sleeves and consequently agreed to send 100 laddle sleeves for trial with an undertaking to take corrective measures for the replacement of the defective material supplied through invoices Nos. 248, dated February 26, 1987, 307, dated April 26, 1987, and 320, dated May 13, 1987. It is, however, stated that no corrective steps were taken by the petitioner and the respondent, vide letter dated August 25, 1987, reminded it of the assurance and undertaking given by its representative and failure to take correcti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [1990] 68 Comp. Cas. 42 (Punj. Har.) and Madhusudan Gordhandas and Co. v. Madhu Woollen Industries (P.) Ltd. [1972] 42 Comp. Cas. 125 (SC) as also a judgment recorded by M.S. Liberhan J. in Company Petition No. 63 of 1990, decided on September 6, 1991. Mr. Kapoor, learned counsel appearing for the respondent-company, however, seriously contests the claim of the petitioner and contends that immediate information of defective goods was given to the petitioner and that even after assurance was given to the respondent company, that the defective goods shall be replaced corrected on inspection of the goods by the representative of the petitioner no remedial steps were taken the respondent-company had no choice but to stop the payment wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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