1 rng 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. 679 OF 2008 COMPANY PETITION NO. 679 OF 2008 COMPANY PETITION NO. 679 OF 2008 In the matter of section 433 and 434 read with section 439 of the Companies Act 1956, for winding up of India Steels Works Limited formerly known as ISIBARS Ltd S.K.Gupta Pvt. Ltd .. Petitioner vs India Steels Works Limited .. Company Mr.S.A.Bhagwat a/w Mr.Sandeep Kumbhar i/b Mr.H.H.Mogi for Petitioner. Mr.H.C.Kerawala i.b M/s R.K.Associates for Respondent CORAM : S.J.Vazifdar, J CORAM : S.J.Vazifdar, J CORAM : S.J.Vazifdar, J DATED : 13th February, 2009 DATED : 13th February, 2009 DATED : 13th February, 2009 P.C. 1. The petitioner seeks to wind up the company inter alia on the ground that it is unable to pay its debts. According to the petitioner, the company is indebted to it in the sum of Rs.7,50,134/-. The claims arises in respect of the goods sold and delivered under various invoices. The invoices provided for interest at the rate of 24 % p.a. 2. There are total 7 invoices. However, in respect of 5 invoices, there is a bonafide dispute. Prior to even the statutory notice and almost contemporaneously with the supply of the goods the company had addressed letters to the petitioner raising disputes regarding the quality of the goods. By the said letters the 2 goods were rejected and the petitioner was informed that it was free to take back the goods. 3. It was contended that thereafter negotiations ensued between the parties and these disputes were settled. Be that as it may, this aspect cannot be decided finally without further evidence. 4. However, in respect of two invoices, for an aggragate sum of about Rs.77,000/- there is no dispute. Together with interest as stipulated in the invoice the amount comes to about Rs.1,00,000/-. 5. In the circumstances, the following order is passed: ORDER ORDER ORDER (i) If the Company pays the Petitioner a sum of Rs.1,00,000/- on or before 31st March, 2009 the Company Petition to stand dismissed. (ii) In the event of the Company failing to pay the amount as aforesaid, the Company Petition is admitted. The Petitioner to advertise the Petition in " Free Press Journal " Nav Shakti" and also in Maharashtra Government Gazettee. The Petitioner to deposit Rs.10,000/- with the Prothonotary and Senior Master towards publication charges. The Company Petition is disposed of in above terms.