1992 (8) TMI 233

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....upply iron scrap to the respondent-company at different intervals and the payments by the respondent-company to the appellant were reflected in the account books of the parties. As per the statement of account supplied by the respondent-company to the appellant for the period from April 1, 1988, to March 31, 1989, a balance of Rs. 2,88,366.89 stood outstanding against it on March 31, 1989. Since a sum of Rs. 1,50,000 was paid to the appellant in May, 1989, out of the balance amount and a sum of Rs. 14,728.81 was further adjusted against the amount of Laxmi Tubes and Engineering Co., Bombay, the amount still due to the appellant from the respondent-company comes to Rs. 1,23,638.08. Since the respondent-company did not pay the amount to the ....

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....with the petitioner, the respondent-company in good faith had remitted a sum of Rs. 1,56,839 in advance to the petitioner on March 7, 1989. However, when the petitioner failed to get the legal and valid transfer of the import licences in favour of the respondent-company, the entry of Rs. 1,56,839 was reversed on December 30, 1989. A debit note dated December 30, 1989, for Rs. 1,56,839 was sent by the respondent to the petitioner on December 31, 1989. Taking into consideration up to date the running account between the parties, the petitioner owes a sum of Rs. 41,236.50 to the respondent-company." On the basis of the material placed before him, the learned company judge held that the debt was bona fide disputed by the respondent-company and....