9911796707
TMI Blog2001 (3) TMI 925X X X X Extracts X X X X X X X X Extracts X X X X ..... 9-1-1998, the company citing its financial difficulties sought some time to pay the dues of the petitioner. The company stated that it was expecting the disbursement of funds from the financial institutions including amongst them ICICI and IDBI upon which the dues of the petitioner would be cleared. The company had issued three cheques in the amount of Rs. 1.47 crores, Rs. 98 lakhs and Rs. 49 lakhs amounting to Rs. 2.94 crores to the petitioner. These cheques were returned on 28-9-1996 by the bankers of the petitioner on the ground of an insufficiency of funds. On 9-10-1998, the petitioner adverting to the return of the cheques called upon the company to pay the outstanding dues in the amount of Rs. 2.45 crores or else face proceedings unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n reply, dated 31-8-2000). The case of the company is that if the invoice of the petitioner which is annexed at Exh. 24 of the rejoinder is compared with the purchase order, it would be apparent that the aluminium sheets which have been imported by the petitioner do not meet the specifications of the company. According to the petitioner, on the other hand, the aluminium sheets were required for the purposes of roofing material, and the only dispute which has been sought to be raised by the company is in regard to the colour of the sheets. There is admittedly no dispute which has been raised in the quantity of the aluminium sheets or in the quality thereof. By its letter dated 22-9-1997 (affidavit dated 12-2-2001 Exh. 1) the company had inti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve been carried out by the company, an amount of Rs. 1,00,79,853 has been computed as the total amount payable to the petitioner. In these circumstances, there is a clear admission on the part of the respondent that the aforesaid amount is in any event due and payable to the petitioner. This amount is over and above the amount of Rs. 49 lakhs which has [been] stated earlier, has not been paid to the petitioner after the cheque in the amount of Rs. 98 lakhs had been dishonoured. There is, in the circumstances, a debt due and outstanding to the petitioner based on the admission of liability by the respondent-company. 5. The petitioner has instituted a suit being Special Civil Suit No. 325 of 1999 in the Court of the learned Civil Judge, S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent has stated that the respondent-company is ready and willing to furnish a bank guarantee of a nationalised bank in the amount of rupees one crore to the satisfaction of the learned Civil Judge, S.D. Pune. The amount of the bank guarantee shall lie to the credit of the Special Civil Suit No. 325 of 1999 which has been filed by the petitioner. The aforesaid bank guarantee shall be furnished within a period of six weeks from today and be kept alive during the pendency of the suit and for eight weeks thereafter. 7. The company petition shall stand dismissed on the respondent company furnishing the bank guarantee as aforesaid. Due intimation shall be given to the company registrar by the respondent. The company petition shall stand a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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