1993 (10) TMI 270

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....The petitioners, Kelvinator of India Limited, have filed this petition seeking winding up of the respondent-company, Blue Star Limited, on the ground that the said company is unable to pay the debts. According to the petitioners, the debts are to the extent of rupees one crore forty-three lakhs odd plus interest. On perusal of the pleadings, the petition, the affidavit in reply and the rejoinder f....

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.... petitioners, as per the agreement and the arrangement they supplied to the respondent-company their product from time to time. Letters of credit were established through banks and subsequently hundies were also drawn up. However, the amount as claimed remained due which the respondents did not pay and hence, the petition has been filed after correspondence and on service of statutory demand notic....

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....ether the dispute raised by the respondent-company is reasonable and bona fide. The answer has to be in the affirmative. It is noticed that the parties herein have business dealings for a considerable period and transactions of over crores of rupees have gone through. It is noticed that the debt liability claimed by the petitioners relates to the earlier period and it is relevant to note that at ....