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TMI Blog2003 (11) TMI 338X X X X Extracts X X X X X X X X Extracts X X X X ..... 15th April, 1997 under section 433 of the Companies Act claiming dues as per Clauses 5, 6 and 7 of the Memorandum of Understanding dated 18th February, 1994. The claim is founded on the liability of Rs. 50,000 per month arising as per clause 7 of the said MoU. Clauses 5, 6 and 7 of the said Memorandum relied upon by the learned counsel for the petitioner read as follows : "5. That the amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in Annexure I, the following amounts have become finally due from the party of the First Part : ( i ) Govind Impex (P.) Ltd. Rs. 17,35,469 ( ii ) Healthy Holdings (P.) Ltd. Rs. 53,265 ( iii ) Due from Nony Buildings (P.) Ltd. to Mr. Mohan Maghotra Rs. 11,00,554 Total Rs. 28,89,288 This liability the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tural implements or assets were given, hence no occasion for payment thereof arise. The entire amount claimed was disputed accordingly and it was stated that there was diverse litigation pending in this Court including Suit Nos. 1250/94, 584/95 and CWP No. 4480/94 which demonstrate that the disputes between the parties are subject matter of a bona fide dispute. 3. Mr. Alag appearing on behal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In my view the winding up petition is not maintainable because ( a ) there is no direct admission on behalf of the respondent ( b ) MoU dated 18th February, 1994 does not prima facie reflect the entire transactions between the parties and ( c ) no details are forthcoming in the documents running in 252 pages which show what the agricultural assets and implements were which fetched income of R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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