2000 (7) TMI 904

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.... JUDGMENT Bakhshish Kaur, J. - The appellant has filed this company appeal under section 483 of the Companies Act, 1956 ('the Act') for setting aside the order dated 24-3-2000, passed by the learned judge in Company Petition No. 296 of 1998. 2. Modern Steel Ltd., manufacturers of iron and steel billets/ingots and rolled products, filed a petition under section 433 read with section 434 of ....

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....any court is not empowered to decide and award the rate of interest payable in a business transaction when the parties are not ad idem. Secondly, the petition for winding up cannot be used as a mode of recovery as it is a case of recovery of outstanding dues. Thirdly, there was no contract between the parties to pay the interest. Therefore, on these grounds, the impugned order is liable to be set ....

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....lay in payment is beyond 60 days, interest at prevailing bank rate would be paid while the petitioner was asking for exorbitant rate of interest which was never agreed upon." 6. The observations made by the learned Judge are sufficient to disentitle the appellant from the relief claimed by him in this appeal. It reads as under : "At that rate, the respondent was willing to pay the interest, ....

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....to their notice under sections 433 and 434 dated 2-9-1998, wherein they had claimed interest at the rate of 25 per cent with effect from 1-7-1998, till the date of payment. In the written statement filed on behalf of the company, receipt of the notice was not disputed. Rather it was stated that under postal certificate they had sent reply of the notice asking for accounts. The copy of the reply wa....