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Issues:
Petition for winding up under sections 433(e) & (f), 434, and 439 of the Companies Act, 1956. Analysis: 1. The petitioner, a creditor, filed a petition seeking winding up of the respondent-company under relevant sections of the Companies Act, 1956. 2. The petitioner alleged that despite supplying materials and issuing proper challans and bills, the respondent failed to pay the outstanding bills. 3. It was noted that the respondent issued cheques amounting to Rs. 4,25,000, which were all dishonored, leading the petitioner to file criminal complaints against the respondent. 4. The petitioner claimed that the respondent had admitted its liability and debts, a crucial aspect for winding up a company based on its inability to pay debts. 5. The petitioner sent a legal notice to the respondent, as required by law, to demand payment of the outstanding debts. 6. However, the court found discrepancies in the delivery of the statutory notice, as the acknowledgment receipt for the notice sent by registered post AD was not produced, rendering the winding-up petition on the ground of inability to pay debts untenable. 7. The court also considered the ground under section 433(f) of the Companies Act, acknowledging that while the respondent may face financial difficulties, disowning liability was not established, leading to the dismissal of the petition. 8. The court ultimately dismissed the petition but granted the petitioner liberty to file a fresh petition if the debts remained uncleared within a specified timeframe. 9. Consequently, the application for the appointment of a Provisional Liquidator was also dismissed in light of the petition's outcome.
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