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Issues:
- Determination of whether the petitioners are creditors of the company. - Analysis of the company's ability to pay its debts and the necessity of winding-up. - Examination of the debt claimed by the petitioners and its validity. - Assessment of the company's contention regarding the limitation of the petitioners' claim. Analysis: The primary issue in this winding-up petition revolves around establishing whether the petitioners are valid creditors of the company. The court emphasizes that if the petitioners are indeed creditors to whom more than Rs. 500 is due by the company, a winding-up order should follow as a matter of course. Despite opposition from a significant number of creditors, the court deems their objections as lacking substance, especially considering the company's substantial debts and its cessation of business operations since 1963. The court concludes that a winding-up is inevitable, and the company's denial of the petitioners' debt is deemed dishonest and lacking bona fides. The judgment delves into the intricate details of the debt claimed by the petitioners, highlighting the history of deposits made by a firm representing the petitioners with the company. The court meticulously analyzes the terms of the deposits, subsequent agreements, and the company's shifting positions regarding the ownership of the deposit amounts. It is established that the petitioners' claim is valid and not barred by limitation, with detailed references to relevant legal principles under the Limitation Act. Furthermore, the judgment scrutinizes the company's contentions regarding the limitation of the petitioners' claim. By dissecting the company's actions, resolutions, and acknowledgments of liability, the court refutes the company's argument of the claim being time-barred. The court emphasizes the importance of acknowledgments of liability in resetting the limitation period, citing precedents and legal interpretations to support its decision. In the final verdict, the court allows the petition, ordering the winding-up of the company and granting costs to the petitioners from the company's assets. The comprehensive analysis provided by the court ensures a thorough examination of the issues at hand, ultimately leading to a well-founded decision in favor of the petitioners.
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