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TMI Blog2010 (1) TMI 563X X X X Extracts X X X X X X X X Extracts X X X X ..... oner to have filed reliable material to prove his case for winding up the respondent company under 433(e) of the Act. It is now well settled that if the debt is bona fide disputed and the defence is a substantial one, the court will not wind up the company. In the present case the debt is hot free from doubt or controversy. It is not admitted but has been disputed. When the alleged debt of the petitioner is disputed, denied, or doubted it will not be appropriate for this court to allow the petition for winding up of the respondent company. Thus no case is made out to order winding up of the company - COMPANY PETITION NO. 4 OF 2005 - - - Dated:- 6-1-2010 - SHANTANU KEMKAR, J. Vinod Tyagi for the petitioner. Vijayesh Atre for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by him against the respondent company under the belief that respondent company shall pay the dues. However, the respondent had failed to adhere-to the schedule of payment agreed- to vide settlement deed dated 12.6.2003, in the circumstances the petitioner sent, a statutory notice dated 12.9.2004 calling upon the petitioner to -pay the due amount of Rs. 7,07,235 with interest @ 18% per annum-and future interest at the same rate from the date of notice till realisation notifying the respondent company that in default of such payment the petitioner would be constrained to file a winding up petition against the respondent company and civil suits or criminal proceedings against it. According to the petitioner, the said notice was received b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany has paid all the dues to the petitioner company, the petitioner company did not submit the statement of account in support of the claim. As regards the settlement deed dated 12.6.2003 a stand has been taken by the respondent company that document filed by the petitioner is not at all legible. It is the case of the respondent that the petitioner has filed this petition and is using the forum to extract more money from the respondent company. It is also the case of the respondent that the petition has not been filed in the prescribed format. The respondent has stated that in view of the bona fide dispute about the dues between the petitioner and the respondent company this petition for winding up deserves to be dismissed. 5. In a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled against it. In the circumstances it was for the petitioner to have filed reliable material to prove his case for winding up the respondent company under 433( e ) of the Act. It is now well settled that if the debt is bona fide disputed and the defence is a substantial one, the court will not wind up the company. In the present case the debt is hot free from doubt or controversy. It is not admitted but has been disputed. When the alleged debt of the petitioner is disputed, denied, or doubted it will not be appropriate for this court to allow the petition for winding up of the respondent company. 7. In view of the aforesaid, in my considered view, no case is made out to order winding up of the company. Accordingly, petitioner fails ..... X X X X Extracts X X X X X X X X Extracts X X X X
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