TMI Blog2001 (3) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... o 30-6-1997, it is common ground that there was a barter arrangement between the parties. According to the petitioner, as of 30-6-1997, there would be a credit of approximately Rs. 45 lakhs in favour of the petitioner as a result of the barter arrangement, under which as against the invoices raised by the petitioner for the transportation of the publications of the respondent, the amounts due would be adjusted by the publication of advertisements for the petitioner in the publications of the respondents. On 9-5-1997, a letter was addressed by the petitioner to the respondent by which a review of the barter arrangement was sought. By its letter, the petitioner sought the continuance of the existing system with the modification that 75 per ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce in respect of the barter. The petitioner in its turn has disputed the contention of the respondent and by its letter dated 24-8-1999, has denied the claim of the respondent to the effect that the barter was liable to lapse at the end of one year. Thereafter, there has been an exchange of correspondence between the parties which ultimately culminated into a statutory notice dated 1-4-2000, which was replied to by the respondent on 19-4-2000. 4. The submission on behalf of the petitioner is that though the arrangement between the parties was a barter arrangement (entirely a barter arrangement prior to 1-7-1997 and, thereafter, a barter arrangement to the extent of 75 per cent of the invoice value), there is a debt due and owing to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the aforesaid amount has not been made either in the company petition or in the statutory notice of winding up. The grievance that the bills representing 25 per cent of the total invoice value for the period between July to October, 1999, have not been paid, has been made for the first time in the affidavit in rejoinder which has been filed in the company petition. Nonetheless, on behalf of the respondent, it has been submitted that the respondent has not received the bill for July, 1999, until for the first time it came to be annexed to the affidavit in rejoinder. Similarly, for the month of August, 1999, what has been annexed to the rejoinder is a revised bill in the amount of Rs. 6.28 lakhs approximately, whereas the earlier bill subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised by the petitioner in monetary terms while the balance of 75 per cent would continue to be adjusted in terms of the barter arrangement by which advertisements of the petitioner would be published by the Indian Express Group. According to the respondent, there is no averment either in the statutory notice or in the company petition that until 13-7-1999, any advertisement in respect of which a requisition was made by the petitioner was not published by the respondent. In fact, the principal defence of the respondent is that it was the petitioner which did not have any advertisement campaign or promotional material as a result of which an unutilised proportion of the barter continued to exist. Apart from the aforesaid defence, regard mu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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