Gangadhar Narsinghdas Agrawal vs Timble Pvt. Ltd.

G.D. Kamat J.

This is a matter u/s 433(e) of the Companies Act, 1956, for winding up Timble Pvt. Ltd.

I have heard learned counsel for quite some time. The amount of Rs. 3,86,677.93 which is averred to be due by the company is seriously disputed by the company. Shri Aras, learned counsel for the petitioner, indeed contended that the principal amount due is to the extent of Rs. 75,574.46 and the sum of Rs. 3,86,677.93 is arrived at after calculating interest at the rate of 18 per cent. per annum. Shri Aras was unable to show any contract that the petitioner was entitled to charge any interest. It is indeed true that Shri Aras contended, relying upon the letter dated 28th April, 1990, that the company had agreed to pay interest at the rate of 10 per cent. per annum. However, I see from the records and further correspondence that this 10 per cent. had not been accepted by the petitioner.

A perusal of the correspondence and statement of accounts of the very petitioner which is relied upon by Shri Dias for the company indeed shows a balance due in the amount of Rs. 75,574.46 as late as May, 1990, but the company had shown a discrepancy and have admitted that as per their books of account what is due to the petitioner is a sum of Rs. 73,952.66 only. In view of the deficiency in the petition and in the absence of particulars starting from the statutory notice u/s 434 and more particularly no averment that the company is commercially insolvent and otherwise is unable to pay the debts, in my view, the only fit order that I can make is to direct the company to pay the amount of Rs. 73,952.66 on the admission of the company on or before 31st December, 1991, to the petitioner. Subject to this direction the petition stands dismissed and rule discharged.