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of <h1>Court reinstates winding-up petition, orders interest dispute resolution within petition scope. No costs awarded.</h1> <h3>Unisystems (P.) Ltd Versus Stepan Chemical Ltd</h3> Unisystems (P.) Ltd Versus Stepan Chemical Ltd - [1986] 60 COMP. CAS. 753 (PUNJ. & HAR.) Issues:- Dismissal of winding-up petition based on disputed interest payment.Analysis:The judgment pertains to Company Application No. 19 of 1984, which arose from the dismissal of a winding-up petition, Company Petition No. 77 of 1983, against the respondent company. The appellant had supplied goods to the respondent company, and a dispute arose regarding the payment of the balance amount and interest. The respondent company made partial payment but disputed the liability for interest. The learned company judge dismissed the petition solely based on the disputed interest payment, stating that since there was no agreement for interest, the claim could not be a basis for winding up the company.The appellant contended that the petition was not solely based on the interest dispute, as the principal amount was admitted and partially paid by the respondent company. The appellant argued that the interest on the admitted principal amount should have been adjudicated upon. On the other hand, the respondent company argued that without an agreement for interest or established custom, the appellant could not claim interest on the principal amount. The court noted that the liability for the principal amount was admitted and paid by the respondent company during the proceedings, and therefore, the question of entitlement to interest should have been decided by the learned company judge.The court set aside the order of the learned company judge and directed that the question of whether the appellant is entitled to interest on the principal amount and whether the non-payment of interest falls under the grounds for winding up as per the Companies Act should be decided by the learned company judge. The court emphasized that the issue of interest entitlement was not so disputed that it could not be addressed within the scope of a winding-up petition. No costs were awarded in this matter.
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