TaxTMI 
TaxTMI 
1999 (8) TMI 858
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....ing creditor supplied goods viz., balled tea cartoons pursuant to an order placed by the Company. According to the appellant, the company accepted and consumed the goods without any objection. The bills raised by the petitioning creditor were accepted by the Company and a part-payment of Rs. 1,65,000 was made by the Company on 24-2-1997 leaving a balance of Rs. 2,61,000. Interest calculated thereon at 18 per cent per annum simple from 1-3-1997 to 1-12-1997 aggregating to Rs. 31,320 was claimed by the petitioning creditor and in all a sum of Rs. 2,92,320 was demanded by its statutory notices issued under section 433 of the Companies Act, 1956 and thereafter, the winding up application was filed. 3. The defence of the Company inter alia, is ....
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.... goods or as to delivery schedule, the defence set up is not bona fide. It is further contended that the letters dated 21-5-1996 can have no bearing to the instant matter as it has been issued much before the delivery of the goods in the instant case and the order was placed by the Company only on 22-1-1997 in pursuance whereof, the subject matter of the goods were delivered to the Company. 6. It is further contended that the alleged letter dated 14-8-1998 whereby the foreign buyer rejected the contract for the reasons stated therein is a manufactured one. 7. It is now well settled that where the claim or the debt is disputed bona fide, the Courts would be slow to order the winding up proceedings and the parties would be relegated to a Ci....