2014 (7) TMI 1358 - HC - Companies Law

Winding up respondent for non-payment of the debt due to the petitioner - Dishonor of Cheque - HELD THAT - Having regard to the factum of issuance of cheques by the respondent towards the debt due by it to the petitioner, the Company Petition is closed with liberty to the petitioner to seek its revival in the event either or both the cheques are dishonoured. Petition closed.

Summary

The High Court of Telangana ruled in a Company Petition for winding up the respondent due to non-payment of debt. The respondent issued postdated cheques, some encashed, and two pending. The petition was closed with the option to revive if the pending cheques are dishonoured.