Y. K. Sabharwal, J.

( 1 ) PETITIONER seeks winding up of M/s. Polar Forging and Tools Ltd. (for short "the company") on the ground that the company is unable to pay its debts. In short the case of the petitioner is as under:-

PETITIONER as per the order placed by the Company supplied to the company furniture during the period from September 1989 to December 1989 and submitted bills aggregating a sum of Rs. 5,25,707. 60 inclusive of sales tax, packaging and forwarding charges and freight. The company paid Rs. 4,05,000. 00 to the petitioner including payments made before commencement of supply and thus a sum of Rs. 1,20,707. 60 was still due and payable by company to the petitioner. The final payment was required to be made by the company to the petitioner latest by the end of January 1990 for the reason that the supplies were completed in December 1989 and the period of 30 days thereafter expired sometime in January 1990. According to practise and usage of the market the petitioner is entitled to interest on the outstanding amount at 18% p. a. from 1st february, 1990. The company has been acknowledging its liability and had also confirmed that the job had been carried out by the peti

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