2012 (5) TMI 773

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....t company to the appellant (and which amount has already been paid), to the extent it finds no interest whatsoever on the said principal amount to be due to the appellant. The learned Company Judge declined to find any liability for interest on the ground that there was no written contract specifying any interest payable. 2. Upon counsel for the appellant relying on Vijay Industries v. NATL Technologies Ltd, (2009) 3 SCC 527, notice of this appeal was issued. The counsels have been heard. 3. It was/is not in dispute that the appellant had on 5th/8th December, 1994, advanced a sum of Rs.50 lakhs to the respondent. While the appellant claimed the transaction to be of loan, repayable with interest at the rate of 22% per annum, the respondent....

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....ised as to whether any agreement had been entered into for payment of interest or whether the rate of interest would be applicable or not - in the latter case, the application for winding up cannot be dismissed; interest is payable by way of restitution. 6. The counsel for the respondent company has, of course, sought to oppose this appeal by challenging the very claim of the appellant to the principal amount even. However, the said part of the judgment of the learned Company Judge which is not challenged by the respondent company and which has attained finality and rather with which the respondent company has complied, is no longer open for being agitated. 7. Applying the aforesaid law laid down by the Supreme Court, we are of the view ....