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TMI Blog1997 (10) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... pany placed orders for the supply of various products and the payment was to be made at the time of placing the order. It is averred that goods were supplied between June 25, 1991, and May 31, 1993, under various delivery challans and invoices. Details are given in the statement of account placed on record as annexure C. As per statement of account, an amount of Rs. 74,94,262.37 is said to be due from the respondent to the petitioner. The respondent is said to have given various cheques from time to time in favour of the petitioner for the amount totalling to the one said above. The details are given in annexure D. The cheques are said to have been dishonoured by the bankers of the respondent as per annexure D placed on record. Despite se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arious courts is already pending for the disputed demand in respect of supply of substandard material. Mr. Deepak Gupta, learned counsel appearing for the petitioner, has brought to my notice the statement of account annexure C at page 27 of the record as well as other material showing the details of the cheques received, honoured as well as dishonoured. It is said that the petitioner is further entitled to interest at the rate of 24 per cent, per annum as agreed under the terms and conditions accepted by the respondent. Mr. Gupta further highlights that as per statement of account, the supplies continued to be made till the end of 1993, and debit and credit entries continued to be recorded till that date. It is also being said that some ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... standard. Mr. Walia further contends that the respondent has never accepted its liability towards the petitioner and the correspondence annexure R-4 has been brought to my notice. It is said that the inspection was carried out in respect of the defective material and the inspection report is annexure R-5. The memorandum of understanding finally settled between the parties has been placed as annexure R-6 and a detailed settlement is annexure R-7 and annexure R-8. It is further being highlighted by Mr. Walia that there is a running account between the parties and the pleadings raise a bona fide dispute and the petitioner be directed to resort to the remedy of civil suit and cannot be granted any relief by way of the present petition. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unpaid by the respondent. The company was asked to check up the accounts and make payment immediately. This was followed by another letter dated November 20, 1992, where the respondent-company was told that as per statement of account there were outstanding dues for Rs. 1,14,01,052. It was further said that the respondent had promised to pay Rs. 35 lakhs by October 10, 1992, but no payment had been made till date. There is a letter dated October 1, 1992, in respect of the purchase order placed by the respondent and 27 cheques were enclosed aggregating Rs. 27.30 lakhs. The inspection report annexure R-5 is at page 113 of the record. Defects were found, observations and recommendations were made and thereafter a discussion followed between ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of their respective pleas. This judgment need not be burdened with the case law cited at the Bar as it is well-settled that a winding up petition cannot be stressed to seek enforcement for the realisation of debt where there exists a bona fide dispute. The company court is required to judge whether the defence put up by the company is bona fide and is in good faith. It was further to be kept in view that the defence is one of substance and the defence taken is prima facie likely to succeed. Both learned counsel for the parties relied on the statement of account which they have appended to their pleadings. It may be noticed that fresh orders continued to be made till October 1, 1992. Till this date the respondent never made any grieva ..... X X X X Extracts X X X X X X X X Extracts X X X X
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