9911796707
TMI Blog1999 (7) TMI 584X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst an order of the learned Single Judge dated 3-11-1998 in Company Petition No. 313 of 1998 whereby a company petition was admitted for the sum of Rs. 3,68,829.56 and the company was directed to pay interest of 16 per cent P.A. till the filing of the application and thereafter 10 per cent P.A. till the entire dues are paid, in default it was directed that the petitioner/creditor shall be at li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent a sum of Rs. 9,12,608.50 is still said to be due and payable by the respondent-creditor to the company. For the realisation of the said sum, a Money Suit No. 211 of 1998 has been filed by the appellant-company and is pending adjudication. The respondent filed the winding up petition on the ground that the said debt of Rs. 3,68,820.56 is due and payable by the company. 3. The lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ute reasonable excuse for non-payment. What has to be seen in the present case, therefore, is whether the counter-claim set up by the company is prima facie valid and bona fide . The company filed the suit even before the petition for winding up was filed by the respondent. The company has demonstrated its bona fides as also its financial capacity to pay its just debts by depositing the princ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the said suit we direct that the amount held by the Registrar, original side of this Court shall be paid to the respondent upon his furnishing security/guarantee to the satisfaction of the learned Registrar which shall be kept alive and subsisting till the disposal of the suit, failing which the said sum shall be continued to remain in fixed deposit in a Nationalised Bank and interest accrued ..... X X X X Extracts X X X X X X X X Extracts X X X X
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