9911796707
TMI Blog2001 (4) TMI 857X X X X Extracts X X X X X X X X Extracts X X X X ..... own as Hot Sip marketed by the respondent. In the company petition reliance has been placed upon the bills which have been raised by the petitioner upon the respondent from time to time and it has been stated on behalf of the respondent by the learned counsel that inspection of the invoices was given to the respondent before the reply to the company petition was filed. In the company petition it has been stated that the respondent issued a cheque on 30-12-1999 in favour of the petitioner drawn on Janakalyan Sahakari Bank Ltd. which was dishonoured upon presentation to the bank on the ground that it exceeded the arrangement. The ground for dishonour is significant because the bank did not consider that there was any discrepancy in the cheq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or on behalf of the respondent." [Emphasis supplied] The original of the cheque together with the dishonour memo of the Bank of India have been produced for the perusal of the Court. The cheque which has been produced would clearly show that the Director of the respondent has not merely signed at the foot of the cheque, but on the left hand corner of the cheque as against the name of the payee. Consequently, the name of the payee has clearly been countersigned on behalf of the respondent by its Director. Consequently, it is clear that the name of the payee which was originally recorded as A. M.X. Advertising (P.) Ltd. has been duly corrected against the signature of the respondent s Director. This fact has also been adverted to in the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ous publications and under the applicable regulations of the Indian Newspaper Society, the petitioner as the advertising agency was due and liable to pay the outstanding dues of all the publications. The publications in which the advertisements of the respondent were printed raised invoices on the petitioner for the amounts due and payable and the petitioner has in turn drawn invoices on the respondent. The petitioner has made the payment of the invoices of the concerned publications in respect of the advertisements of the respondent. It has also been stated that at no stage had the respondent made any payment directly to the concerned newspaper since as a rule cheques are accepted by news-papers only from accredited agents such as the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f of the respondent invoices were raised from time to time between February 1998 and August 1998. The respondent on 4-12-1998 confirmed that an amount of Rs. 7,66,701 was due and payable to the petitioner. Thereafter, on 5-7-1999, 8-7-1999 and 2-9-1999 an amount of Rs. 1 lakh was paid by the respondent to the petitioner by three payments. The respondent thereafter issued a cheque dated 31-12-1999 in the amount of Rs. 7,66,701 which came to be dishonoured. The defence which was sought to be raised on behalf of the respondent is clearly not bona fide. There is a debt due and payable by the respondent to the petitioner. 6. On behalf of the respondent it was sought to be submitted that the petition for winding up was not to be entertained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concerned accepts the correctness of the entries. Now, in view of the facts of the present case, it is clear that the amount which is due and payable to the petitioner has been admitted by virtue of ( i ) the cheque which was issued by the respondent, ( ii ) the confirmation by the respondent on 4-12-1998 of the balance which was due, and ( iii ) part payment made by the respondent thereafter in the amount of Rs. 1 lakh. 7. There can be no doubt about the proposition of law that when a bona fide dispute is raised in a petition for winding up in which the validity or authenticity of a document is put in issue, it would not be appropriate to exercise the jurisdiction of the Court for winding up in a company petition. It is, however, no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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