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TMI Blog2012 (5) TMI 773X X X X Extracts X X X X X X X X Extracts X X X X ..... f the petition for winding up and till deposit of the principal amount of ₹ 50 lakhs by the respondent company in the Court would sub-serve the interest of justice and restitution. - Co. App. No.42/2012 - - - Dated:- 18-5-2012 - Mr. Rajiv Sahai Endlaw J. For the Appellants : Mr. Rohit Sharma, Advocate For the Respondent : Mr. Sudhir Nandrajog, Sr. Advocate with Mr. Manan Gupta, Ms. Deepali Sharma and Mr. Akhil, Advocates RAJIV SAHAI ENDLAW, J 1 . The appellant impugns the order dated 06 . 03 . 2012 of learned Company Judge allowing the Co . Pet 246 / 2006 filed by the appellant for winding up of the respondent company by giving an opportunity to the respondent company to pay the principal amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d relied on Vijay Industries ( supra ) , but the learned Company Judge observed that in the absence of any written document specifying the rate of interest, no direction for payment of any amount towards interest or of winding up for non - payment thereof could be issued . Liberty however was granted to the appellant to file a civil suit qua his claim for interest . 5 . The Supreme Court in Vijay Industries ( supra ) held that Sec . 433 of the Companies Act does not state that the debt must be precisely a definite sum; that failure to pay the agreed interest or the statutory interest would come within the purview of the word debt ; that it is one thing to say that the amount of debt is not definite or ascertainab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jain Vs . Polar Forgings Tools Ltd . 49 ( 1993 ) DLT 552 had also opined that where the liability to pay the principle amount is not disputed, the creditor need not be forced to initiate separate litigation for recovery of interest amount and the interest amount can be determined by the Company Judge in the winding up proceedings and on the failure of the Company to pay that amount, the Company can be ordered to be wound up on the ground that it is unable to pay its debts . To the same effect is the judgment of Division Bench of Punjab Haryana High Court in Unisystems P . Ltd . Vs . Stepan Chemical Ltd . MANU / PH / 0244 / 1985 . However we find that though the amount of Rs . 50 Lakhs was advanced by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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