( 1 ) THE petitioner has filed this application under Section 446 (2) (b) of the Companies Act, 1956, claiming a sum of Rs. 1,84,683-40 from the respondent with interest at 12% p. a. for the value liquidation to the respondent for which payments are not made.

( 2 ) THE claim of the petitioner was opposed by the respondent by filing statement of objections. They deny the entries made in the statement of accounts. In fact, they admit the supplies. But, they contend that the entire among due to the petitioner has been paid. In the legal notice issued prior to initiation of the proceedings the interest claimed is only 6%, whereas in the application 12% interest has been claimed which is without any basis. It is also contended that the claim is barred by law of limitation. Subsequently, they have filed additional objection contending that the entire claim is barred by limitation.

( 3 ) APPLICANT has filed affidavit by way of examination-in-chief and he has produced the statement of accounts and invoices on the basis of which the said claim is made. They are marked. Ex. P-1 is the accounts extract and Exs. p-2 to p-92 are the invoices under which supplies were made by the company under

Click Here to Read the rest of this document