1999 (9) TMI 890

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....r the Respondent. JUDGMENT R. Jayasimha Babu, J. - Counsel says that the respondent has paid the principal amount due, but asserts that the company will have to be wound up for non-payment of interest thereon. I see no justification for accepting such a request. The company has demonstrated its ability to pay, by making the payment of principal. Dispute regarding interest is a matter which t....

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....ncipal that is due. The winding up is not a substitute for recovery of the moneys due to a creditor by the normal method available to such a creditor, namely, by way of instituting a civil suit in the trial court. The winding up is meant for the benefit of all creditors, and is to be granted only when the financial condition of the company and other factors justify winding up. The creditors are....