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2008 (7) TMI 564 - HIGH COURT OF MADRASWinding up – Circumstances in which company may be wound up by Tribunal - Held that:- In the instant case, that the balance-sheet as to the assets and liabilities, was placed before the court, at the time when the matter was taken up for enquiry, and the balance-sheet as on March 31, 1999, would show that the respondent had fixed the assets to the tune of ₹ 268.64 lakhs and also the current assets at ₹ 198.90, and the liabilities were shown as ₹ 220.60 lakhs. Further, it is true that the respondent-company, as per the balance-sheet, incurred certain loss ; but, the same did not mean that it was not able to discharge its liability to the appellant. It is well-settled proposition of law that the winding up petition at the instance of the creditor cannot be a device to pressurize the debtor to make the payment. In the instant case, it can be well stated that though it ostensibly looks like a winding up proceeding, it is nothing but a device invented by the appellant in order to pressurize the respondent to make the payment. Under the circumstances, the learned single judge was perfectly correct in rejecting the petition both factually and legally. Hence, this appeal stands dismissed
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