2012 (10) TMI 7

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....plication was admitted by a learned Judge of this Court on 6th October, 1999. An appeal was preferred by the company. The Appeal court by its order dated 15th November, 1999 remanded the matter to the trial court. On 18th June, 2002, the learned trial Judge hearing the matter accepted the submission on behalf of the company to furnish security for the claim and relegated the petitioner to suit. An appeal was preferred by the petitioner. The Appeal court by a judgment and order dated 2nd April, 2003 remanded the matter back to the trial court. It is in these circumstances that this application was heard by me. The winding up application has been preferred on a claim of Rs. 8,74,300/- being the principal sum due on account of alle....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of goods by the company are annexed to the application. It is alleged in the Affidavit-in-Opposition that the bills and invoices are forged and brought into existence to establish a false claim. Secondly, the above payment was made in full and final satisfaction of the claim of the petitioner and nothing was due and payable by the company to them. Thirdly, I was shown the petitioner's letter dated 16th June, 1992 asking for confirmation of accounts from the company. In that letter it was said that about Rs.26 lakhs were due from the company. Hence there was discrepancy, according to the company. Now my findings. There was no reply to the first statutory notice. Hence, a presumption of insolvency can be drawn under Section 434 (1) ....