Winding-up petition admitted against company for unpaid vendor balance

The court admitted a winding-up petition against the company for an outstanding balance owed to an unpaid vendor for goods sold and delivered. The company was given the option to repay the sum in monthly installments to avoid further legal action. In case of default, the petition would be advertised in newspapers, and the company was required to be informed of this order promptly. The court directed the petitioning creditor to communicate the order to the company and allowed parties to obtain certified copies of the order upon compliance.

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Issues Involved:
- Unpaid vendor claim for goods sold and delivered
- Failure of the company to pay the outstanding balance
- Admittance of winding-up petition
- Terms of repayment and stay of petition
- Advertisement in case of default
- Communication of order to the company

Unpaid Vendor Claim for Goods Sold and Delivered:
The petitioner, an unpaid vendor, sold and delivered petroleum products to the company between December 2011 and June 2013, amounting to Rs.24,02,546. The company accepted and consumed the goods without objection but failed to pay the balance amount of Rs.10,25,745. Despite a supplementary notice being returned as 'Unclaimed,' the winding-up petition was served on the company.

Failure of the Company to Pay the Outstanding Balance:
The company, despite making a partial payment of Rs.13,76,801, neglected to pay the remaining balance owed to the petitioner. The court noted the company's failure and negligence in paying the outstanding sum, leading to the issuance of the winding-up petition.

Admittance of Winding-Up Petition:
Due to the company's non-representation and evasion of service, the court admitted the winding-up petition for the outstanding sum of Rs.10.26 lakhs along with 6% interest per annum from June 2016. The court presumed that the company had no defense to the petitioner's claim based on the circumstances.

Terms of Repayment and Stay of Petition:
In the event that the company pays the outstanding sum in four equal monthly installments starting from August 8, 2016, and continuing on the 8th day of each subsequent month, the petition would be permanently stayed. This condition aimed to provide the company with an opportunity to settle the debt and avoid further legal action.

Advertisement in Case of Default:
In case of default in payment, the court ordered the petition to be advertised in specific newspapers, indicating the next court appearance date. The publication in the Official Gazette was dispensed with, and the company was required to be informed of this order within a week by speed post.

Communication of Order to the Company:
The petitioning creditor was directed to communicate the court's order to the company promptly, ensuring that the company was aware of the terms and conditions set forth in the judgment. Additionally, the parties were allowed to obtain urgent certified copies of the order upon compliance with necessary formalities.

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