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TMI Blog2013 (8) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... to be assessed. In any event, there is also a defence of the company that the value of the goods sold to the petitioner was not of the lesser amount attributed by the petitioner - Defence may ultimately be found to be wanting, a creditor's petition is not admitted on impressions, and the company here must be afforded a chance to fight the claim in a regularly constituted action. Accordingly, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upplied 1300 MT of the goods and did not supply the rest of the material. Upon the petitioner demanding refund of the balance sum, the company has now set up a defence that some sales tax forms were liable to be furnished by the petitioner to the company and value added tax of about Rs. 1.26 lakh had to be paid by the petitioner on the transaction. The petitioner issued the statutory notice on O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The company claimed to have effected supply of goods of a total value of Rs. 33,41,600/-. Prima facie, such assertion is at variance with the company's letter of December 23, 2011 where the company acknowledged that upon receipt of the sum of Rs.33 lakh the company would be obliged to supply 1700 MT of the goods. It is the admitted position that only about 1300 MT of the goods had been supplied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and the company cannot resile from position. Though it appears that the petitioner may be right and the defence set up by the company may not ultimately succeed, but an arguable case has been made out by the company to dispel the presumption of its inability to pay. In this jurisdiction, the company does not need to indicate a watertight defence that is bound to succeed. All that a company has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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