1988 (11) TMI 298 - HC - Companies Law

Petitioner awarded dues and interest under Companies Act, 1956 in court ruling.

The court ruled in favor of the petitioner in a case involving recovery of dues under the Companies Act, 1956. The respondents were ordered to pay Rs. ... Winding up – Delivery of property to liquidator Issues: Recovery of dues under Companies Act, 1956, entitlement to interest, and relief sought.Issue 1: Recovery of DuesThe official liquidator filed a petition under section 446(2) read with section 468 of the Companies Act, 1956, seeking recovery of Rs. 2,476.02 from the respondents. The petitioner-company was ordered to be wound up, and the official liquidator found that the respondents owed this amount for goods supplied. The respondents disputed the claim, alleging no supply of goods and time-barred petition. The court examined witnesses and evidence, with the petitioner proving the outstanding amount due from the respondents. The court held in favor of the petitioner, ordering the respondents to pay the due amount.Issue 2: Entitlement to InterestRegarding the entitlement to interest, the court referred to sub-section (2) of section 61 of the Sale of Goods Act, which allows for interest in the absence of a contrary contract. The court held that the respondent was liable to pay interest on the unpaid price of goods supplied. It determined the interest rate at nine per cent per annum from the date the amount became due until realization. Consequently, the court granted the petitioner interest along with the principal amount.Relief SoughtBased on the findings on recovery of dues and entitlement to interest, the court allowed the petition and passed a decree in favor of the petitioner for Rs. 2,476.02 along with nine per cent per annum interest from the due date until realization. The parties were directed to bear their own costs.