2005 (10) TMI 284

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....arwal, learned counsel for the petitioner. 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 penden....

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....is no agreed rate of interest on the default in payment. 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....

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....company called upon to pay and in default be wound-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....