:1: IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 141 OF 2008 COMPANY PETITION NO. 141 OF 2008 COMPANY PETITION NO. 141 OF 2008 In the matter of Winding Up of New Era Fabrics Limited. Bharat Harilal Jhaveri ..Petitioner Mr. Z. A. Jariwala i/b. M/s. Thakore Jariwala & Ass. for the Petitioner. Mr. M. M. Vashi for the Company. CORAM : S. A. BOBDE, J. CORAM : S. A. BOBDE, J. CORAM : S. A. BOBDE, J. DATE : 7TH AUGUST, 2008. DATE : 7TH AUGUST, 2008. DATE : 7TH AUGUST, 2008. P.C. P.C. P.C. . . . Heard. 2. According to the petitioner, the company is indebted to him in the sum of Rs.1,05,91,326/- as follows:- 1. Principal amount of the invoices due and payable after accounting for the on Account payment made from time to time. Rs. 47,02,771/- 2. Business loss calculated at the rate of 3% per month on the said outstanding amount calculated upto 30.11.2007 from the end of the financial year in which the respective invoices were raised Rs. 58,88,555/- ---------------- Rs.1,05,91,326/- :2: ---------------- The petitioner claims this amount allegedly for unpaid price of goods delivered to the company. There is no dispute about delivery. The petitioner served the statutory notice dated 11.10.2007 alleging delivery of goods and stating that the last payment made by the company was in the sum of Rs.5,00,000/-. In the statutory notice it is mentioned at the foot of the running account maintained by the petitioner an amount of Rs.47,02,771/- is due and payable to him. 3. The Company replied to the statutory notice at Exhibit ’M’, and apparently for the first time raised the dispute regarding strength of the chemical supplied being the sub standard. They contended that the supply was rejected. 4. It is however clear from the record that there is no such dispute raised by the company at any time during the course of transactions, which have been carried on by the parties for years together. :3: 5. Mr. Vashi, learned counsel for the company further denied that the company ever supplied to the petitioner the Statement of Account showing any amount outstanding. The learned counsel for the petitioner relies on the Statement of Account annexed to the Rejoinder. Thus, there is some dispute regarding the admission of liability prior to the issue of the statutory notice. 6. In the circumstances, I am of view that it would be appropriate to direct the company to deposit 75% of the principal amount of Rs.47,02,771/- as claimed by the petitioner. Accordingly, I direct the company to deposit 75% of the principal amount of Rs.47,02,771/- before the Prothonotary & Senior Master of this Court within a period of eight weeks from today, failing which the Company Petition shall stand admitted and the petitioner shall advertise the petition in two local newspapers, viz., "Free Press Journal", "Maharashtra Times" and in the Maharashtra Government Gazette. The petitioner shall deposit an amount of Rs.10,000/- with the Prothonotary and Senior Master towards the publication charges within three weeks from the date of default with an intimation to the Company Registrar, failing which the petition shall :4: stand dismissed for non-prosecution. 7. In case the said amount is so deposited as directed hereinabove, the Company Petition shall stand dismissed and the petitioner may file a suit within a period of four weeks from the date of the communication by the Advocate for the company to the Advocate for the petitioner that the money is deposited. If such a suit is filed, then the deposit will go to the credit of the said suit. The Prothonotary and Senior Master, High Court, Bombay, to invest the said amount in Fixed Deposit of any Nationalised Bank for a period of three years initially and to renew the same from time to time till further orders. In the event the suit is not filed within the stipulated period, the company will be at liberty to withdraw the amount after the expiry of the aforesaid period. (S. A. BOBDE, J.) (S. A. BOBDE, J.) (S. A. BOBDE, J.)