S. DASARADHA RAMA REDDI, J.

( 1 ) THE petitioner filed this petition seeking to wind up the respondent company on the ground that it has failed to pay Rs. 4,16,239 including interest and bank charges of Rs. 2,405 which represents the amount due by the respondent in respect of the brass tubes supplied to it by the petitioner. The respondent filed a counter contending that though the three invoices were raised on 29/03/1991, goods were actually despatched long afterwards, that the balance of Rs. 1,10,620 only remained payable which was being remitted on 4/11/1994, and that there is no stipulation for payment of interest. The petitioner filed rejoinder stating that the chief executive of the respondent company agreed to make the balance payment together with overdue interest from 24/05/1991, and that the petitioner has not received the cheque for Rs. 1,10,620 referred to in the counter. However, it is now admitted by both sides that the cheque for Rs. 1,10,620 dated 4/11/1994, has since been received by the petitioner through its counsel in December, 1994. The following issues were framed : (1) Whether the respondent is liable to pay interest on the value of the goods supplied by the p

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