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2010 (11) TMI 845 - DELHI HIGH COURTWinding up - Circumstances in which a company may be wound up - Held that:- It is accepted by the petitioner that they had security deposit of ₹ 3,88,740. In the petition and the two legal notices dated 19-5-2007 and 25-6-2007 it is not alleged that the security deposit was required to be adjusted on account of arrears towards electricity, water or damages caused to the premises. There are no such allegations or averments. In these circumstances, the security deposit given by the respondent company to the petitioner can be adjusted towards the rent for the months of March to May, 2007. No further amount is due and payable by the respondent company to the petitioner towards admitted liability or debt due and payable, for the purpose of section 433(e) r/w section 434 (1)(a) of the Act. In view of the aforesaid, I do not find any merit in the winding up petition and the same is dismissed.
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