2005 (10) TMI 284

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..... No one appears for the respondents. 2. This creditors winding-up petition was filed, after giving notice under section 434(1)(a) of the Companies Act, 1956, for non-payment of Rs. 2,64,096.61 towards the supplies of 15kg. ghee tin containers. In the notice dated 28-3-2000 the petitioner-company also demanded 9 per cent interest. 3. During the pendency of the winding-up petition, the respondent....

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....ayment. Sri Piyush Agarwal has relied upon the Division Bench of the Punjab and Haryana High Court in Stephan Chemical Ltd. v. Innosearch Ltd. [1986] 60 Comp. Cas. 702. In this case, the Punjab and Haryana High Court distinguished the judgment in Amalgamated Commercial Traders (P.) Ltd. v. A.C.K. Krishnaswami [1965] 35 Comp. Cas. 456 (SC) as well as the judgment in Unisystems (P.) Ltd. v. Stepan C....

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....up on the ground that it has not paid the interest for which there is no agreement, pleaded or proved on record. The payment of interest on the principal amount is subject-matter of agreement between the parties. In the absence of the contract under section 34 of the Code of Civil Procedure, the court may while passing of decree, order interest at such rate as the court deems reasonable to be paid....