TaxTMI 
TaxTMI 
1971 (11) TMI 92
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....tion on March17,1967, inter alia, for winding up of Canhag Private Ltd. (hereinafter referred to as "the company"). The winding-up petition was presented on the ground that in spite of service of the statutory notice the company failed and neglected to pay the debt due to the petitioners and also otherwise the company was commercially insolvent. While this petition was coming up for hearing for ad....
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....passed by Nain J., on June 30, 1971, Fatehi Brothers were allowed to amend the petition. As a result of this amendment Fatehi Brothers (hereinafter referred to as "the substituted petitioners") were permitted to plead that they were creditors of the company in the sum of Rs. 24,000; that in spite of service of the statutory notice under section 434 of the Companies Act, 1956, the company had faile....
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....ction of the creditor. By an agreement dated December 1,1962, the substituted petitioners were appointed by the company as stockists for retail sale and distribution of some of their products. Pursuant to this agreement the substituted petitioners had deposited with the company a sum of Rs. 24,000. The period under the said agreement expired on November 30, 1965, and by their letter dated Decembe....
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....r annum within three weeks of the receipt of the said notice. There was further correspondence between the substituted petitioners and the company which shows that in spite of demands the company failed to refund the deposit of Rs. 24,000 with interest or any part thereof. In view of the correspondence annexed to the petition as a result of the amendment allowed, it is quite clear that the substi....