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TMI Blog2019 (3) TMI 620X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.2011 written to Sehrawat Marbles - Held that:- The learned counsel for the petitioner in court on instructions had clarified that the petitioner does not deal in Kotha Stones. Clearly, this communication/the alleged order relied upon by the respondents is make belief and cannot be relied upon. The settled legal position is that where the respondent company raises a bona fide dispute then no winding up petition would lie - in the facts of the above case the respondent company has failed to show any bona fide dispute. Present petition is admitted - List on 27th May, 2019. - CO.PET. 616/2015 and CAs.2457-2458/2015 - - - Dated:- 14-2-2019 - MR. JAYANT NATH J. Petitioner Through: Mr. Rajendra Sahu, Adv. Respondents Through: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re controlled and supervised by the said Hilton Company. 3. It is further stated that total measurements were verified by the respondents project team and respondent No.1 company released part payments. Finally the petitioner company submitted the final bills on 15.02.2013 on the basis of measurements and quantities already verified by respondent No.1 in 16th R.A. bill for an amount of ₹ 1,52,20,972/-. Respondent No.1 company after verifying the said bill and after making all sorts of deductions sent a Final Certified Bill dated 21.06.2013 stating that the balance payable amount due on the petitioner is ₹ 24,98,137/-. Hence, it is pleaded that respondent No.1 company became liable to pay the said amount besides security depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have been signed at bottom by Sh.Naveen Ambavata, Site Billing Engineer on 14.06.2013 stating that the full works have been completed. Similar is the position with regard to the certificate issued on 21.06.2013 which was signed by Mr.I.C.Kalra and Mr.Pragyan, Billing Engineer stating that the work is completed. Reliance is also placed on WCT challans and TDS certificate issued by the respondents. 7. The learned counsel for the respondents however has relied upon the communication sent by respondent No.1 company to the petitioner company. He has pointed out to the email written on 03.04.2014 where it was stated that the petitioner failed to complete the work which caused delay in completion of the project. Reliance is also placed on a let ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ridors and other miscellaneous areas. Hence, it is claimed that on 07.06.2011 as the balance works were abandoned by the petitioner company the work was awarded to another contractor. 11. As far as the first plea is concerned, namely, reliance by the respondent on the communication dated 03.04.2014, the same appears to be an afterthought. This is also apparent from the fact that this communication was written by Mr. I.C. Kalra, Vice President (Technical) who had himself signed the final running bill. The same person is now turning around and giving a completely different story. I may also note that the respondents in their reply have made allegations that Mr. I.C.Kalra has acted in connivance with the director of the petitioner Company t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld as follows:- 17. The question that arises for consideration is that when there is a substantial dispute as to liability, can a creditor prefer an application for winding-up for discharge of that liability? In such a situation, is there not a duty on the Company Court to examine whether the company has a genuine dispute to the claimed debt? A dispute would be substantial and genuine if it is bona fide and not spurious, speculative, illusory or misconceived. The Company Court, at that stage, is not expected to hold a full trial of the matter. It must decide whether the grounds appear to be substantial. The grounds of dispute, of course, must not consist of some ingenious mask invented to deprive a creditor of a just and honest entitl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mplete inventory of all the assets of the respondent-company when the same are taken over; and the premises in which they are kept shall be sealed by him. At the same time, he may also seek the assistance of a valuer to value all assets to facilitate the process of winding up. It will also be open to the Official Liquidator to seek police help in the discharge of his duties, if he considers it appropriate to do so. The Official Liquidator to take all further steps that may be necessary in this regard to protect the premises and assets of the respondent-company. The OL will also seize all the bank accounts of the respondent. 18. However, I suspend the above order appointing the OL as the provisional liquidator for a period of four weeks t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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