THE HON’BLE SRI JUSTICE V.V.S.RAO COMPANY PETITION No.17 of 2008 Dated:12.08.2009 Between: M/s.W.S.Industries (India) Limited. …Petitioner. And M/s.Velegapudi Steels Limited. …Respondent THE HON’BLE SRI JUSTICE V.V.S.RAO COMPANY PETITION No.17 of 2008 ORDER: The Company Petition is filed by the creditor of the respondent for winding up of the Company on the ground that the respondent is unable to pay its debts and that is has become commercially insolvent. After receiving the notice, the respondent has paid the amount demanded in the notice under Section 434(1)(a) of the Companies Act, 1956. There is, however, a dispute as to whether the respondent is liable to pay the interest thereon. As the respondent company has already paid the entire amount of Rs.37,45,122/-, the dispute with regard to interest itself cannot be properly adjudicated herein. This matter can be adjudicated by the petitioner in a proper/appropriate forum. When this is suggested to both the learned Counsel, they seem to have no dispute with the proposition. Today the learned Counsel for the petitioner has filed a memo in the Court duly signed by Vice President - Finance of the petitioner praying this Court to withdraw the Company Petition with liberty to institute the proceedings before appropriate forum for recovery of interest at the rate of 12% per annum on principal amount from the respondent. Giving liberty to do so, the Company Petition is dismissed as withdrawn. _______________ (V.V.S.RAO,J) 12.08.2009 vs