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TMI Blog2007 (7) TMI 399X X X X Extracts X X X X X X X X Extracts X X X X ..... ued the following directions ( i )Gangeshwar Ltd. to pay an amount of Rs. 23,31,072.95 to India Coal Traders within one month. ( ii )Gangeshwar Ltd. to submit fixed deposit receipts of Rs. 12,58,830 with the Registrar General of this court within two months. ( iii )Gangeshwar Ltd. to file suit for declaration regarding interest liability; and ( iv )Gangeshwar Ltd. to file suit for declaration regarding its other liability. 2. Special Appeal No. 16 of 2000 has been filed by Gangeshwar Ltd. for setting aside the judgment of the learned Single Judge dated 8-12-1999 and further to dismiss the winding up petition (Company Petition No. 43 of 1998). 3. Special Appeal No. 1387 of 1999 has been filed by India Coal Traders for modifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de part payment of Rs. 19,000,00 in instalments, the last payment having been made on 8-4-1995. India Coal Traders, after waiting for some time, issued another notice raising demand for the balance amount. However, when it was not paid, it filed Company Petition No. 43 of 1998 for winding up, after expiry of statutory period of notice under section 434 of the Act alleging that the said company was unable to pay its debts which included principal amount of Rs. 23,31,072 being the price of coal supplied plus interest at the rate of 18 per cent amounting to Rs. 41,60,623. Notices were issued to Gangeshwar Ltd. Upon notice Gangeshwar Ltd. appeared and contested the matter and claimed that full and final payment have been made and there was no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve filed a suit for recovery of the amount. 9. Third submission on behalf of Gangeshwar Ltd. is that the direction for depositing the part amount of interest is also not proper as in the winding up proceedings interest could not have been awarded. 10. Lastly, it was submitted that once the learned Company Judge was relegating the parties to settle the dispute before appropriate civil court, then the entire dispute should have been referred and not only part of the dispute and, while referring the matter for adjudication by civil court, the learned Company Judge ought not to have directed it to pay the alleged disputed amount and part of the interest. 11. On the other hand, Sri Jain has submitted that the directions issued by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It was for the first time that Gangeshwar Ltd. disputed the claim in response to the notice under section 434 of the Act. We do not find any infirmity in the reasoning given by the learned Company Judge with regard to the finding of the debt. It was a clear case where the company had failed to clear its debts. 13. With regard to the interest part we may notice that it is a debatable question as to whether interest could or could not be awarded in winding up proceedings. Both the parties do not dispute that out of the 19 bills, some of them contained an endorsement with regard to the interest and the others did not contain any such endorsement. 14. A Division Bench of this court in the case of Ultimate Advertising Marketing v. G ..... X X X X Extracts X X X X X X X X Extracts X X X X
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