9911796707
TMI Blog2000 (2) TMI 710X X X X Extracts X X X X X X X X Extracts X X X X ..... a registered partnership firm. It had filed an application under section 433( e ), read with section 439 of the Companies Act, 1956 ( the Act ). It seeks winding up of Euro Cotspin Ltd. ( the respondent-company ) for its inability to repay its debts. It had been stated by the petitioner that it had been supplying paper cones for a considerable period to the respondent-company and a running account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cipal amount and Rs. 5,56,398 on account of interest was due from the respondent-company. 3. In the reply filed, it had been asserted that the material supplied was of poor quality and the respondent-company had informed the petitioner of this fact, vide the letters dated 21-4-1998, 4-5-1998 and 9-5-1998. The copies of the said letters are annexures R-1 to R-3. It was further pleaded that by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e balance amount, i.e., of interest, to be calculated at the rate of 15 per cent per annum shall be given to the petitioner on the next date of hearing. On 12-8-1999, a cheque for Rs. 1,50,668 was further handed over to the petitioner s counsel which was accepted by the petitioner s counsel without prejudice to the rights of the petitioner. On that date, the petitioner s counsel stated that Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these facts, it is obvious that it is not a fit case for further direction to wind up the respondent-company. It cannot be held that the respondent-company is unable to pay its debt or it would be just and equitable that the respondent-company should be wound up. These events show that the ingredients of section 433( e ) and ( f ) are not satisfied. The petitioner would be at liberty to take recou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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