9911796707
TMI Blog2006 (7) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the opp. party-company entrusted the petitioner with the construction work of the multi-storied apartment in the name and style of "Satyasai Apartment" at Lewis Road, Bhubaneswar and for this purpose, the parties entered into an agreement, on 14-12-1998 containing the terms and conditions agreed to between them for execution of the above work. The petitioner claims to have executed various works entrusted to it under the said agreement by investing huge amount of money and submitted number of bills to the opp. party-company for the works done. It is alleged in the petition that the running bills of the petitioner were not paid in time and further, the dues of the petitioner, which the opp. party-company is liable to pay, amounting to Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Annexure-D, the petitioner was intimated that in spite of repeated requests and reminders, it has failed to complete the contract work within the stipulated period and subsequently, time for completion was extended up to 31-12-2000. According to the opp. party-company, the petitioner abandoned the contract work and also failed to rectify the defects and deficiencies pointed out to it during the course of execution of the work. It further appears that in reply to the Advocate's notice issued by the petitioner, the opp. party-company denying the said liability to pay the amount, issued a letter which has been annexed as Annexure-F to the counter, inter alia, stating that for the negligent act and deficiency of the petitioner, the opp. party ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A company may be wound up by the Tribunal,-- (a)to (d)****** (e )if the company is unable to pay its debts;" 434. Company when deemed unable to pay its debts.--(1) A company shall be deemed to be unable to pay its debts-- (a )if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding (one lakh rupees) then due, has served on the company, by causing it to be delivered at its registered office, by registered post or otherwise, a demand under his hand requiring the company to pay the sum so due and the company has for three weeks thereafter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor. (b)and (c)****** (2) The demand referred to in clause (a ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany contended that the work had not been properly done was not allowed. (See-- Re. Brighton Club & Norfolk Hotel Co. Ltd. [1865] 35 Beav. 204)." (p. 2604) The ratio of the aforesaid decision in the case of Madhusudan Gordhandas & Co. (supra) was followed in the case of Sika Qualcrete Ltd.'s case (supra). 9. Facts of the present case further reveal that even prior to issuance of the registered notice by the petitioner in compliance to sub-section (1) of section 434 of the Act, the opp. party-company in various letters referred to above disputed the claim of the petitioner and demanded payment of an amount of more than Rs. 15 lakhs from the petitioner which can be taken to be a cross claim. Even on receiving the advocate's notice from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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