2002 (1) TMI 1222

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....arned counsel for the applicant-company. List has been revised but no one appears for the J.D. Polymers Ltd. 2. This winding up petition was presented on 3-2-1999 under sections 433(e) and (f ), 434 and 439 of the Companies Act, 1956 to wind up J.D. Polymers Ltd., having its registered office at Flat No. 1, Priya Apartment, Tilak Nagar, Kanpur. It is stated in the petition that the company has ....

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....t payee cheque. It was agreed that the Inter Corporate Deposit for Rs. 3 lakhs was for a period of 4 months and would carry an interest at the rate of 21.5 per cent per annum. A receipt was executed on 3-6-1997. The respondent-company paid interest up to 31-3-1998 and thereafter the respondent-company defaulted in making the payment and that inspite of statutory notice, it failed to make the payme....

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....g of 'Cherry' Hawai Chapals. In paragraphs 16, 17 and 19 of the counter affidavit, it reiterated that the company is ready to repay the amount. 5. During the pendency of this winding up petition, the respondent- company has paid a sum of Rs. 3,97,059 towards principal and interest. However, the entire interest amount payable up to 24-7-2000 has not been paid and a sum of Rs. 37,225 remains paya....

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....f Rs. 35,626 sought to be deducted towards TDS. The TDS certificate is required to be issued in proof of deduction and in case it is not submitted to the debted company, the amount is still taken to be due against the respondent-company. 7. In the aforesaid circumstances, the Court finds that in spite of admitted liability and the admitted rate of interest, the respondent-company has failed and....