This appeal is directed against the judgment of the division bench of the Delhi High Court upholding the order of a learned single judge who, in exercise of his jurisdiction under the Companies Act for short the Act , admitted an application for winding up and directed publication of the citation, on the basis of an application filed by the respondent under Sections 433 and 439 of the Act, alleging therein that the appellant company is unable to pay the debts.
The learned single judge, however, on examining the materials placed before him, came to the companyclusion that a case for winding up has been made out in terms of Section 433 read with Section 434 1 a of the Act and accordingly directed admission of petition and publicity of citation in question.
On an appeal being carried, the division bench came to the companyclusion that the plea of the appellant that some amount was to be paid to M s. Abhishek Mercantile Ltd. as well as to the foreign buyer is numberhing but an afterthought and on the materials adduced, it must be held that the companypany is unable to pay the debts in question.
The appellant took the stand that the assertions in the application filed under Section 433 of the Act is wholly incorrect.
According to the appellant, the reasons given show why the alleged amount has number been paid is an accounting between the Russian supplier and the respondent and under the terms of agreement some companymission was agreed to be paid ? .
With this companyclusion the appeal having been dismissed and the order of the learned single judge having been upheld, the present appeal has been preferred on special leave being granted.
