9911796707
TMI Blog1993 (7) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... d this petition for winding up of the respondent-company, M/s. Achal Alloys Pvt. Ltd., Ujjain, under sections 433 and 434 of the Companies Act, 1956. The petitioner, the United Commercial Bank, is a nationalised bank having its branch at Maxi Road, Ujjain. The company is also located in Maxi Road, Ujjain. The company was incorporated on July 1, 1983, under the Companies Act, 1956. The registered o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he petitioner in the sum of Rs. 23,67,550 plus interest thereon. The statement of accounts is filed as annexure B. The company, by its letter dated February 8, 1990, asked the petitioner to adjust the outstanding account, vide annexure "C". Thereafter, letters dated March 8, 1990, and March 14, 1990, were also written. In reply to the aforesaid letters the company sent a letter dated March 26, 199 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that the company has failed to pay the acknowledged debt despite the statutory notice, it entitles the petitioner to seek liquidation of the company. The petition has been opposed by the company on the ground that it is not tenable under the law because there is a bona fide dispute as to the liability to pay the dues as mentioned in the petition under reply. Since there is a dispute, it ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been declined. Multifarious pleas have also been raised to show that a bona fide dispute exists between the bank and the company and, therefore, the bank is now estopped from stopping the respondent from operating under the said limit for which an assurance has been given. Learned counsel for the petitioner, Shri Chaphekar, has argued that the amount of debt is undisputed and the case of bona f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the company and a statutory notice is in existence. It is also not disputed that the company has failed to pay the outstanding amount of debt after the receipt of the statutory notice. The respective contentions raised by the parties based on various judgments of the High Courts and the Supreme Court are about the question of winding up which shall be considered when the matter of winding up i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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