1984 (11) TMI 282

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....This contention of learned counsel is liable to be rejected straightaway in view of a Division Bench judgment of this court in Stephen Chemical Ltd. v. Innosearch Ltd., Company Appeal No. 16 of 1984 in Company Petition No. 98 of 1982 decided on July 25, 1984-[1986] 60 Comp. Cas. 702 (P. & H.). It may also be observed at this stage that notice of motion was issued in this appeal and we have heard counsel for both the parties at length and propose to deal with all the points which were raised before us. It is next contended by learned counsel that there was a bona fide dispute between the parties regarding the payment of interest and that legally an order advertising the petition could not be passed. On giving our thoughtful consideration ....

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.... has been confirming the correctness of and/or invoices raised by the petitioner and this averment has been admitted by the appellant in his written statement. In para 12, it is stated in the petition that on March 11, 1982, the petitioner sent a notice under section 434 of the Companies Act, 1956, which was duly received by the company. This averment has been admitted by the appellant. In view of these two averments, it is quite evident that the petitioner (now respondent) has been claiming interest and this fact was not controverted. If the appellant had not to pay any interest, then a reply to the notice could have been certainly sent denying its liability to pay interest. In our view, the appellant was conscious that he was to pay inter....