1971 (11) TMI 92

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....the company was commercially insolvent. While this petition was coming up for hearing for admission, Fatehi Brothers, a partnership firm, were appearing in support of the order for winding up. I am informed by Mr. Chagla that from time to time this petition was adjourned and ultimately on June 21, 1971, it came up for hearing before my learned brother, Nain J. By the order passed on that day, the learned judge took the view that he was satisfied that there was a bona fide dispute as to whether the claim in the petition made by Gulamhussein Ahmedalli and Co. was payable by the company or by the Mandya National Paper Mills Ltd. He was, therefore, inclined to dismiss the petition as filed by Gulamhussein Ahmedalli & Co. However, the same day h....

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....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 December 4,1965, the substituted petitioners intimated to-the company that they did not wish to have their agreement renewed and called upon the company to refund the deposit amount of Rs. 24,000 with interest. That letter was acknowledged by the managing director of the company, by their letter dated December 16, 1965. This letter shows that the company thereby accepted the position that a deposit of Rs. 24,000 was kept by the substituted petitioners with the company. However, this amount was not repaid b....