{"id":219343,"date":"2010-12-23T00:00:00","date_gmt":"2010-12-22T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/sapana-vs-siddharth-on-23-december-2010"},"modified":"2017-09-14T20:32:31","modified_gmt":"2017-09-14T15:02:31","slug":"sapana-vs-siddharth-on-23-december-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/sapana-vs-siddharth-on-23-december-2010","title":{"rendered":"Sapana vs Siddharth on 23 December, 2010"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Sapana vs Siddharth on 23 December, 2010<\/div>\n<div class=\"doc_author\">Author: Akil Kureshi,&amp;Nbsp;<\/div>\n<pre>   Gujarat High Court Case Information System \n\n  \n  \n    \n\n \n \n    \t      \n         \n\t    \n\t\t   Print\n\t\t\t\t          \n\n  \n\n\n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nCOMP\/81\/2010\t 3\/ 3\tORDER \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nCOMPANY\nPETITION No. 81 of 2010\n \n\n \n \n=========================================\n \n\nSAPANA\nCHEMICALS PROPRIETARY CONCERN BY AND THR - Petitioner(s)\n \n\nVersus\n \n\nSIDDHARTH\nCHLOROCHEM PVT LTD - Respondent(s)\n \n\n========================================= \nAppearance\n: \nMR\nHM BHAGAT for Petitioner(s) : 1, \nMS ANUJA S NANAVATI for\nRespondent(s) : 1, \n=========================================\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\nCORAM\n\t\t\t: \n\t\t\t\n\t\t\n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMR.JUSTICE AKIL KURESHI\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 23\/12\/2010 \n\n \n\n \n \nORAL\nORDER<\/pre>\n<p>1.\tThe<br \/>\npetitioner seeks winding up of the respondent Company on the ground<br \/>\nthat the Company is unable to pay its debts.\n<\/p>\n<p>2.\tIt<br \/>\nis the case of the petitioner that the petitioner  had supplied<br \/>\ncertain goods to the respondent Company for which its bills had<br \/>\nremained outstanding. The petitioner has been raising irregular<br \/>\nbills. When the respondent Company finally made no payment, the<br \/>\npetitioner issued statutory notice for winding up on 21.11.2009<br \/>\ncalling upon the respondent to pay sum of Rs.9,0,2,529\/- along with<br \/>\ninterest at the rate of 14% per annum within 21 days, failing which<br \/>\nthe petitioner would institute legal proceedings.\n<\/p>\n<p>3.\tIt<br \/>\nis undisputed that above notice was not replied by the respondent.<br \/>\nHowever, in the affidavit-in-reply the petitioner has made detailed<br \/>\naverments contending that substantial payments were made over the<br \/>\nperiod of time. The principal sum was paid up long back. Even the<br \/>\ninterest at the rate of 14% would leave no residue higher than Rs.<br \/>\n1,59,877.77. In para 12 of the affidavit, respondent has stated as<br \/>\nunder:-\n<\/p>\n<p>&#8221; 12.\tI<br \/>\nsay that as per the oral agreement between the Petitioner and the<br \/>\nRespondent, the Petitioner is not entitled to now claim interest at<br \/>\nthe rate of 14% per annum on the principal amount. However, assuming<br \/>\nwithout admitting that the Petitioner is entitled to claim interest<br \/>\nat the rate of 14% per annum, the total amount of interest payable on<br \/>\nthe outstanding amount after adjusting the interest on the amount<br \/>\nover paid by the Respondent, comes to Rs.1,59,877.77. A statement<br \/>\ngiving summary of the interest calculation for the period from<br \/>\n01.04.2002 to 31.03.2009 along with year-wise interest calculation<br \/>\nstatement are annexed hereto and marked as  Annexure-R3 Colly.&#8221;\n<\/p>\n<p>4.\tCounsel for<br \/>\nthe petitioner vehemently contended that dues are admitted way back<br \/>\nin the year 2002. Respondent Company agreed that the amount of<br \/>\nRs.10.80 lakhs is outstanding. He, however, admitted that thereafter<br \/>\ncertain payments were made despite which according to the<br \/>\npetitioner&#8217;s accounts a sum of over Rs.9,00,000\/- was outstanding<br \/>\nwhen the notice was issued.\n<\/p>\n<p>5.\tThere is<br \/>\nserious dispute about accounts between the parties. The dues of the<br \/>\npetitioner are not admitted by the respondent. As per the respondent<br \/>\ntotal outstanding debt comes to Rs.1,59,877.77\/-. The respondent has<br \/>\nproduced certain documents in support of such a contention. Such<br \/>\nfactual aspects of disputed payments and settlement of accounts<br \/>\ncannot be gone into winding up of the company.\n<\/p>\n<p>6.\tHowever,<br \/>\nconsidering that the respondent also admits to   a<br \/>\nsum of Rs. 1,59,577.77\/- payable as on August, 2010, the respondent<br \/>\nshall pay a sum of Rs.1,60,000\/- with interest at the rate of 14%<br \/>\nfrom 1st<br \/>\nAugust, 2010 till actual payment of the petitioner, which may be done<br \/>\nlatest by 15.2.2011.\n<\/p>\n<p>7.\tWith the above<br \/>\ndirections, Company Application is disposed of. It is however,<br \/>\nclarified that I have not examined rival contention on merits and it<br \/>\nwould be open for the petitioner to take recourse to remedy available<br \/>\nunder the law. If the petitioner is of the opinion that even after<br \/>\npayment of the said sum of Rs.1,60,000\/- with interest, the<br \/>\npetitioner has to recover further sum from the respondent,such claim,<br \/>\nif raised, shall be examined on its own merits subject to objections<br \/>\nby the respondent.\n<\/p>\n<p>(Akil Kureshi,<br \/>\nJ. )<\/p>\n<p>sudhir<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Sapana vs Siddharth on 23 December, 2010 Author: Akil Kureshi,&amp;Nbsp; Gujarat High Court Case Information System Print COMP\/81\/2010 3\/ 3 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION No. 81 of 2010 ========================================= SAPANA CHEMICALS PROPRIETARY CONCERN BY AND THR &#8211; Petitioner(s) Versus SIDDHARTH CHLOROCHEM PVT LTD &#8211; Respondent(s) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,8],"tags":[],"class_list":["post-219343","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sapana vs Siddharth on 23 December, 2010 - Free Judgements of Supreme Court &amp; 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