TaxTMI 
TaxTMI 
2000 (2) TMI 710
X X X X Extracts X X X X
X X X X Extracts X X X X
.... registered partnership firm. It had filed an application under section 433(e), read with section 439 of the Companies Act, 1956 ('the Act'). It seeks winding up of Euro Cotspin Ltd. ('the respondent-company') for its inability to repay its debts. It had been stated by the petitioner that it had been supplying paper cones for a considerable period to the respondent-company and a running account fo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....amount and Rs. 5,56,398 on account of interest was due from the respondent-company. 3. In the reply filed, it had been asserted that the material supplied was of poor quality and the respondent-company had informed the petitioner of this fact, vide the letters dated 21-4-1998, 4-5-1998 and 9-5-1998. The copies of the said letters are annexures R-1 to R-3. It was further pleaded that by payment of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....i.e., of interest, to be calculated at the rate of 15 per cent per annum shall be given to the petitioner on the next date of hearing. On 12-8-1999, a cheque for Rs. 1,50,668 was further handed over to the petitioner's counsel which was accepted by the petitioner's counsel without prejudice to the rights of the petitioner. On that date, the petitioner's counsel stated that Rs. 10,830 had been spen....