D. Murugesan, J.

1. The facts as put forth by the appellant are as follows:-

Tata Iron and Steel Company Limited, the appellant herein, is a company incorporated under the Companies Act, 1956 (hereinafter referred to as the Act), having its registered office at Mumbai and regional office at Chennai. A company by name Tata SSL Limited used to supply materials to M/s.Omega Cables Limited (hereinafter referred to as the respondent company), a company incorporated under the Act and has its registered office at Chennai, from the year 2001. The said Tata SSL Limited raised various invoices on the respondent company amounting to a sum of Rs.33,50,386/-, apart from an Interest Debit Note dated 17. 2001 for a sum of Rs.4,99,015/-. As against the said amount, the respondent company effected only a part payment of Rs.4,54,542.81 and still a sum of Rs.31,51,399/-remains due and payable by the respondent company. Without paying the outstanding amount, the respondent company, by a letter dated 23. 2002, informed the Tata SSL Limited that they have taken steps to bring the normalcy and the company shall produce normal production and start releasing the payments against the outstanding