9911796707
TMI Blog1999 (8) TMI 730X X X X Extracts X X X X X X X X Extracts X X X X ..... land and building situated thereupon along with one induction furnace of three metric tons and two induction furnaces of one metric ton each as well as all accessories, etc., situated at Ludhiana. The sale consideration was settled at Rs. 1.35 crores only. An agreement to that effect had been entered into between the parties on February 14, 1996. The respondent-company paid the entire sale consideration except Rs. 15 lakhs. The said amount was agreed to be paid on actual transfer of power connection with contract demand and load in its favour. Accordingly, the alloy steel unit was transferred to the respondent-company which started operating the plant. It was agreed that till the connection is transferred in favour of the respondent-company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laimed is not due. The defence offered was that consideration money was paid because of the attraction of the electricity connection which was in existence at the premises, i.e. , LS-49 bearing 3070 K.W. after the same had been reduced by 1400 K.W. by the petitioner-company. The respondent-company had further incurred an expenditure of about Rs. 50 lakhs approximately to make the unit functional. It was agreed by the petitioner-company that the electricity connection shall be transferred in the name of the respondent-company and all expenditure which was to be incurred for the said purpose was to be incurred by the petitioner-company. The said electricity connection has never been transferred. On the contrary, the said electricity connecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eer (Operation) was called and the case was adjourned. It appears that the Electricity Board employees were not able to answer the questions and, therefore, even when the matter was relisted no such request was made. The parties in this process were heard. Under section 433 of the Act, a company can be wound up by the court if it is unable to pay its debts or the court is of the opinion that it is just and equitable that the company should be wound up. The other grounds on which a company can be wound up are not relevant for the disposal of the present petition. What is impressed is that the respondent-company has not been able to pay the debts and the amount as claimed. It is well known that a winding up petition is an alternative in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade a settlement. The relevant part of the agreement reads as under : "It has been agreed by the party of the first part (Oswal Spinning and Weaving Mills Ltd.) that it would get transferred the power connection lying installed in favour of the party of the second part (Kansal Alloys Proprietor, Kansal Fibres Ltd.), at its own cost and it shall complete all the formalities necessary for the transfer of the said electricity connection in favour of the second party. Till the electric connection is actually transferred in favour of the second party, it would be the responsibility of the first party to install a sub-meter, segregating furnaces load from total load of account No. LS-49. The party of the second part is bound to make payment to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... city in any way. In case the party of the second part commits a breach of the abridged conditions of supply and commits theft of electricity it shall be the responsibility of the party of the second part. The party of the second part shall be liable to compensate the Board on the part of the party of the first part in case the electric connection is disconnected on any account or theft or offence committed by the party of the second part. However, the party of the second part shall be entitled to use the load permissible to be used during the peak load hours restrictions, the party of the first part shall not share this load." It is not in controversy that till date the electric meter has not been transferred in the name of the respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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