ORDER

The present petition under Section 433 of the Companies Act, 1956 has been preferred for winding up of respondent/company in lieu of failing and neglecting to pay a sum of Rs.2,24,55,236.64/-, which was an amount outstanding for the supplies and interest thereupon up-to 30.11.2015 @ 18% per annum, which had resulted it being commercially insolvent and having no means to pay its liability.

2. The facts of the case in nutshell are that the respondent No.1/company was engaged in the business of electric cables and wires, PILC cables, PVC power cables, thermal plastic insulated cables and flexible for domestic and industrial wiring, elastomer insulated cables and generally all kinds of cables. In context to the aforesaid, the respondent No.1/company had dealings with the petitioner and was purchasing PVC compounds of different grades from time to time from its units situated at Delhi.

3. Pursuant to the orders placed by the Company, the petitioner for the period 10.02.2013 to 31.07.2014 had supplied PVC compounds of different grades from its factory situated at Delhi to the Company through various roadways. The company had duly received the goods supplied without any complaint and