Coastal Roadways Ltd. Vs. Kanoi Plantations Pvt. Ltd. - Court Judgment

Excerpt:
the court : this claim arises out of a judgment and order dated 20th july, 2004 passed in a winding up application, cp no.181 of 2004. that judgment was to be treated as a decree. thereunder, the petitioning creditor became entitled to rs.9 lac together with interest @ 19.5% per annum from 28th june, 2001 till 8th april, 2004 and @ 9% per annum thereafter till payment. the said judgment and order specifically stated that the aforesaid sum could be executed, as well, like a decree. the petitioning creditor duly applied for execution of this decree by ec no.66 of 2004. however, when the matter came up before sister indira banerjee, j. on 22nd march, 2006, it was found that the company had been wound up by an order dated 20th december, 2004 in another proceeding. therefore, no execution could be continued. hence, this fresh winding up application. ms. noelle banerjee, learned advocate appearing for the petitioning creditor submits that as on 16th june, 2010 there is due and payable by the petitioning creditor a sum of rs.10,88,000/-, after giving credit to rs.8 lac, which the company has paid. however, mr. jain, learned advocate appearing for the company submits that about rs.11 lac have been paid. although, the calculation of interest is not specifically disputed in the affidavit in opposition there is a vague pleading disputing accounts. if a statement of accounts had been furnished by the respondent company, i could have taken note of that. i am not taking into note of this vague pleading. therefore, taking into account the above dispute regarding part payment, there is prima facie at least a sum of rs.7,88,000/- due and payable by the company to the petitioning creditor, together with interest @ 9% per annum from date. therefore, on the above prima facie case, this winding up petition is admitted. this application is to be advertised once in the times of india, once in pratidin and once in sanmarg. publication in the official gazette is dispensed with. such publication should be made within a period of four weeks from date. however, i stay the operation of this order for a period of six weeks from date to enable the company to take such step as may be available to them in law. list this winding up application once again after ten weeks. all parties concerned are to act on a signed photo copy of this order on the usual undertakings.

Judgment:
The Court : This claim arises out of a judgment and order dated 20th July, 2004 passed in a winding up application, CP No.181 of 2004. That judgment was to be treated as a decree. Thereunder, the petitioning creditor became entitled to Rs.9 lac together with interest @ 19.5% per annum from 28th June, 2001 till 8th April, 2004 and @ 9% per annum thereafter till payment.

The said judgment and order specifically stated that the aforesaid sum could be executed, as well, like a decree. The petitioning creditor duly applied for execution of this decree by EC No.66 of 2004. However, when the matter came up before sister Indira Banerjee, J. on 22nd March, 2006, it was found that the company had been wound up by an order dated 20th December, 2004 in another proceeding.

Therefore, no execution could be continued. Hence, this fresh winding up application. Ms. Noelle Banerjee, learned advocate appearing for the petitioning creditor submits that as on 16th June, 2010 there is due and payable by the petitioning creditor a sum of Rs.10,88,000/-, after giving credit to Rs.8 lac, which the company has paid.

However, Mr. Jain, learned advocate appearing for the company submits that about Rs.11 lac have been paid. Although, the calculation of interest is not specifically disputed in the affidavit in opposition there is a vague pleading disputing accounts. If a statement of accounts had been furnished by the respondent company, I could have taken note of that. I am not taking into note of this vague pleading. Therefore, taking into account the above dispute regarding part payment, there is prima facie at least a sum of Rs.7,88,000/- due and payable by the company to the petitioning creditor, together with interest @ 9% per annum from date.

Therefore, on the above prima facie case, this winding up petition is admitted. This application is to be advertised once in the Times of India, once in Pratidin and once in Sanmarg. Publication in the Official Gazette is dispensed with. Such publication should be made within a period of four weeks from date.

However, I stay the operation of this order for a period of six weeks from date to enable the company to take such step as may be available to them in law. List this winding up application once again after ten weeks.

All parties concerned are to act on a signed photo copy of this order on the usual undertakings.