9911796707
TMI Blog2013 (4) TMI 414X X X X Extracts X X X X X X X X Extracts X X X X ..... light of such letter and the contents, the company's defence cannot be rejected out of hand that the two transactions were linked and the part of it cannot be seen in isolation. Nevertheless, it appears from the company's admission that it asserted that it owed the petitioner a sum of Rs. 26,08,858 and it had a claim against the petitioner's associate concern in the sum of Rs. 22,80,646.05. Even if the letter is taken on face value and the veracity of the assertions therein are not questioned, it appears that there is an unequivocal admission by the company of it being indebted to the petitioner in the sum of Rs. 3,28,211.95 if the two figures of Rs. 26,08,858 and Rs. 22,80,646.05 are reconciled. It is the same sentiment which is reflect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the company is Rs. 31,77,331/- by way of principal. 2. The company's short defence is that the petitioning-creditor and a company by the name of Simplex Engineering and Foundry Works Limited are part of the same stable and the company dealt with both sub-contractors together; that the company has a substantial claim in excess of Rs. 22 lakh against the sister concern of the petitioner which has remained unresolved; and, in such circumstances, particularly when the petitioner's claim in excess of Rs. 31 lakh is not substantiated by any admission made on behalf of the company, the petition should not be admitted. 3. It is the petitioner's response to such defence that even if it is assumed that the petitioner and Simplex Engineering ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8,211.95 if the two figures of Rs. 26,08,858/- and Rs. 22,80,646.05 are reconciled. It is the same sentiment which is reflected in the company's affidavit, at paragraph 11 whereof the figures are repeated and the company has questioned the petitioner's claim only to the extent of the same exceeding Rs. 26,08,858/-. 6. CP No. 372 of 2012 is admitted for the principal sum of Rs. 3,28,211.95 together with interest thereon at the rate of 6% per annum from August 1, 2012 since the statutory notice was issued on July 31, 2012. If the company pays off such principal sum together with interest thereon at the rate indicated within four weeks from date, the petition will remain permanently stayed. In default, the petition will be advertised once in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
