2006 (3) TMI 785

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.... interest then they would be at liberty to take steps before the appropriate forum. 2. In order to appreciate the arguments, it will be necessary to advert, very briefly, to the facts which are involved in this case. It appears that the appellants herein filed a winding up petition alleging that the respondent company was indebted to them to the extent of Rs. 14,81,239.20/- on account of the balance price of the goods sold and delivered which, according to them, the company had failed to pay notwithstanding service of notice under Section 434 of the Companies Act, 1956. The aforementioned application for winding up was taken up on 10.10.2002 by a learned Single Judge of this Court who admitted the application after holding that the said;....

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....instalments and the first of such instalments was to be paid by 15th December, 2003 and all subsequent monthly instalments by the 15th day of each and every succeeding month. In default of the payment of the first instalment or of any one of the instalments, the Official Liquidator was directed to take possession of the assets or properties of the company. Nothing was said with regard to the interests and costs which had been ordered by the other learned Judge of this Court by his order dated 10.10,2002. 6. It appears that thereafter on 13.1,2005 the matter again came up before the learned company Judge and it was observed that the payment of Rs. 14,81,239.20/- had already been made by the company but the cost of 300 GMs had not been pai....

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....ressed by a Division Bench of the Punjab and Haryana High Court in the case of Stephen Chemical Ltd. v. Innosearch Ltd. 1986(60) Comp Cas 702, on the point that the 'Forum' of the Company Judge was the appropriate 'Forum' for determining as to whether the creditor was entitled to interest where the company admits its liabilities and in fact, pays the amount. 9. In the instant case, it is evident from the order dated 31.1.2005 that the company had already made payment of the principal amount to the extent of Rs. 14,81,239.20/-. It is also evident from the same order that the company had submitted before the learned Company Judge that they were agreeable to pay costs. 10. Learned Counsel appearing for the respondent subm....