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2008 (2) TMI 634 - HC - Companies LawWinding up – Company when deemed unable to pay its debts - Held that:- Perusal of the letter dated March 21, 2002 would only show that the deputy manager of the respondent-company informed the petitioner-company that they shall resume the normal production and shall start releasing the payments against the petitioner's outstanding bills as per the understanding with the petitioner. Therefore, this letter dated March 21, 2002, is not an unambiguous and categorical admission of a specified amount due and payable by the respondent to the petitioner. Similarly, the balance confirmation report dated July 19, 2002, cannot also be said to be an unconditional admission of the debts by the respondent. According to the respondent, they have rejected some materials sup plied by the petitioner for which proper credit was not given by the petitioner. They have also filed certain letters in the additional typed set of papers to show that some materials were rejected and they asked for credit notes towards the value of the same.In such circumstances, the above company petition filed by the petitioner is misconceived and if at all the petitioner is aggrieved, they have to approach the proper forum. Also rejecting the arguments of learned counsel for the respondent that there is statutory compliance of sending the notice before filing the petition. Appeal dismissed.
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