JUDGMENT :

B.R. GAVAI, J.

1. Leave granted.

2. The present appeal challenges the judgment and order passed by the Division Bench of the Punjab & Haryana High Court in Company Appeal No. 58 of 2015 dated 29.4.2016, arising out of the order passed by the learned Company Judge of the said Court, in Company Petition No.106 of 2009 dated 28.9.2015.

3. The facts, in brief, giving rise to the present appeal are as under:

The respondent – M/s Indian Acrylics Limited is a manufacturer of acrylic yarn having its manufacturing unit in village Harkrishanpura, District Sangrur. There was a transaction between the appellant – M/s Shital Fibers Ltd. and the respondent M/s Indian Acrylics Limited under which the respondent was to supply acrylic yarn to the appellant on credit basis. As per the said arrangement, the supply of raw material commenced from 20.4.2007. The respondent supplied material worth Rs.81,98,014.45. There were certain issues raised by the appellant with regard to the quality of the material supplied by the respondent. As such, a sum of Rs. 6,22,073/- was credited by the responden