9911796707
TMI Blog2006 (3) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... before the appropriate forum. 2. In order to appreciate the arguments, it will be necessary to advert, very briefly, to the facts which are involved in this case. It appears that the appellants herein filed a winding up petition alleging that the respondent company was indebted to them to the extent of ₹ 14,81,239.20/- on account of the balance price of the goods sold and delivered which, according to them, the company had failed to pay notwithstanding service of notice under Section 434 of the Companies Act, 1956. The aforementioned application for winding up was taken up on 10.10.2002 by a learned Single Judge of this Court who admitted the application after holding that the said; company was indebted to the appellant/petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e first of such instalments was to be paid by 15th December, 2003 and all subsequent monthly instalments by the 15th day of each and every succeeding month. In default of the payment of the first instalment or of any one of the instalments, the Official Liquidator was directed to take possession of the assets or properties of the company. Nothing was said with regard to the interests and costs which had been ordered by the other learned Judge of this Court by his order dated 10.10,2002. 6. It appears that thereafter on 13.1,2005 the matter again came up before the learned company Judge and it was observed that the payment of ₹ 14,81,239.20/- had already been made by the company but the cost of 300 GMs had not been paid along ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expressed by a Division Bench of the Punjab and Haryana High Court in the case of Stephen Chemical Ltd. v. Innosearch Ltd. 1986(60) Comp Cas 702, on the point that the 'Forum' of the Company Judge was the appropriate 'Forum' for determining as to whether the creditor was entitled to interest where the company admits its liabilities and in fact, pays the amount. 9. In the instant case, it is evident from the order dated 31.1.2005 that the company had already made payment of the principal amount to the extent of ₹ 14,81,239.20/-. It is also evident from the same order that the company had submitted before the learned Company Judge that they were agreeable to pay costs. 10. Learned Counsel appearing for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Punjab and Haryana High Court in Stephen Chemical Ltd. v. Innosearch Ltd. 1986(60) Comp Cas 702 and the Single Bench decision of the same Court in Delhi Cloth and General Mills Co. Ltd. v. Stepan Chemicals Ltd. 1986(60) Comp Cas 1046 to the effect that the forum of the Company Judge is the appropriate forum for determining as to whether the creditor is entitled to interest where the company admits its liability and, in fact, pays the amount. My conclusion is that in a case where the liability to pay the principal amount is not disputed by the company the creditor need not be forced to initiate separate litigation for recovery of the interest amount and the interest amount can be determined by the Company Judge in the winding up pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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