9911796707
TMI Blog2014 (4) TMI 1330X X X X Extracts X X X X X X X X Extracts X X X X ..... failed and neglected to repay the money with agreed interest at the rate of 18 per cent per annum. The petitioner made repeated requests and demands but in vain. Finally the company issued 15 cheques for Rs. 2 lakh each in favour of the petitioner which were presented for payment but were all dishonoured for lack of funds. Five of the cheques were dated 13th April, 2013, five cheques were dated 20th April, 2013 and the remaining five cheques were dated 27th April, 2013. 2. In view of the aforesaid the petitioner contends that a sum of Rs. 35,47,890 is due and payable to it by the Company including interest at the rate of 18 per cent per annum from 30th June, 2012 to 31st July, 2013. Accordingly, a notice dated 24th June, 2013 under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lean hands. Further, the demand for Rs. 30 lakhs on account of principal in the statutory notice was bad as on that date the entire principal amount had not become payable to the petitioner as per the terms of the 'Loan Agreement'. As such, the statutory notice was bad and consequently the winding up petition must fail. He relied on a decision of a Learned Single Judge of the Patna High Court in the case of Parry and Co. Ltd. v. India Machinery Stores (P.) Ltd. [1979] 49 Comp. Cas. 21. With respect, I do not think that the said decision helps the Company's case at all. 4. The document, copy whereof is annexure A to the affidavit-in-reply is an undated document. Although it describes itself as an agreement, it bears no date nor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnot be taken to be an agreement. It does not appear that the Company has any bona fide defence to the petitioner's claim. 7. In the premises, this Company petition is admitted for a sum of Rs. 35,47,890/-. However, the Company is given opportunity of repaying this amount in five equal monthly installments, the first of which is to be paid on or before 15th May, 2014, and the following installments on the 15th day of each surrounding month. If such installments are paid, the order of admission of the winding up petition shall remain stayed. There will be an unconditional stay till 15th May, 2014 and, thereafter, the stay will continue only if installments are paid as aforestated. In the event of the Company paying off the entire dues o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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