9911796707
TMI Blog1997 (1) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... board mills which includes machinery and other items used for installation of paper and board plant. It has been stated that the respondent-company, namely, Cellulosix Limited, is a private limited company under the Companies Act, 1956. The main objects for which the respondent-company was established are to manufacture, buy, sell gray board and other paper boards set forth in the memorandum and articles of association. It has been stated that the company entered into an agreement with the petitioner on September 14, 1981, for erection of an automatic plant for 15 TPD for a total cost of Rs. 37,65,500. Subsequently, the company executed another agreement with the petitioner on June 9, 1993. In the schedule of agreement, the details of equ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exists between the petitioner and the respondent and as such, the petition for winding up -is not maintainable. It has been stated that the basis of the alleged claim is the agreement dated June 9, 1983, executed between the petitioner-company and the respondent-company. Under the agreement, the petitioner was to supply and erect an automatic plant of a capacity of 15 tonnes per day. In the agreement, it was specifically pointed out that the delivery period along with installation, erection and commissioning of plant at the earmarked site was 15 to 18 months. It has been averred that the petitioner-company failed to supply the equipment as per the said agreement. In this connection, the letter dated May 11, 1990, written by the Punjab Stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ged claim of Rs. 1,77,107.75 is without any basis. From a reading of the pleadings and the documents placed on record, I am of the considered view that the prayer made in the petition for winding up of the respondent-company cannot be allowed as a bona fide dispute exists between the petitioner-company and the respondent-company with regard to performance of the agreement which had been executed between the parties. As regards the plea taken in the petition that the respondent-company has admitted the liability of Rs. 1,77,107.75, I find from a reading of annexure P-13 that the so-called admission was contained in special notice to creditor/debenture holder/State Government in pursuance of rule 56(2) of the Company Law Board (Bench) Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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