2018 (9) TMI 522

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....lywood and allied products manufactured by Greenply Industries Ltd. Goods worth Rs. 9,71,640/- were supplied against various invoices. The respondent paid a sum of Rs. 4 lakhs to the petitioner through RTGS on 01.11.2010 leaving a balance of Rs. 5,71,640/-. On 03.11.2010 the respondent gave a cheque dated 27.10.2010 for Rs. 4,56,122/-. However, the cheque when presented was returned unpaid with the remarks 'Payment Stopped By the Drawer'. It is further stated that the representatives/accountants of the petitioner and the respondent after verifying the documents, settled the account and the respondent admitted its liability of Rs. 5,71,640/-. The respondent company acknowledged the outstanding dues on the ledger account of the petitioner. As....

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....edgement duly show that the amount of Rs. 5,71,640/- is the liability of the respondent. He also pleads that the legal notice was duly delivered on the respondent to which there was no response.   5. It is a matter of fact that there is a cheque issued by the respondent for Rs. 4,56,122/- dated 27.10.2010 which was returned unpaid by the bankers on the ground that there had been stopped payment instructions. Though in his submissions, learned counsel for the respondent has stated that this cheque was given as a security, however no such plea has been taken in the reply filed by the respondent. In the reply to paras 7 and 8 of the petition, the respondent pleads in its reply that the petitioner was required to deliver goods but faile....

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....7. There is another aspect which is noteworthy. A legal notice was sent by the petitioner Company on 12.09.2013. In the legal notice, the petitioner has claimed outstanding of Rs. 5,71,640/-. A perusal of the reply filed by the respondent would show that the respondent accepts receipt of the legal notice but chose not to respond to the same.   8. In my opinion, there is no bona fide defence raised by the respondent. The cheque issued for Rs. 4,56,122/- dated 27.10.2010, the acknowledgment dated 14.01.2012 by Mr.Narender read with the fact that when the legal notice was sent, there was no response by the respondent show that there is no defence or bona fide defence available to the respondent. Co-jointly all these facts lead to the c....

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....tion, lest there is danger of abuse of winding-up procedure. The Company Court always retains the discretion, but a party to a dispute should not be allowed to use the threat of winding-up petition as a means of forcing the company to pay a bona fide disputed debt."   10. As noted above, in the facts of the above case the respondent company has failed to show any bona fide dispute.   11. I accordingly admit the present petition. The Official Liquidator attached to this court is appointed as the Provisional Liquidator. He is directed to take over all the assets, books of accounts and records of the respondent-company forthwith. The citations be published in the Delhi editions of the newspapers 'Statesman' (English) and 'Veer ....