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2007 (9) TMI 420 - HIGH COURT OF KARNATAKAWinding up - Whether, the learned company judge was justified in admitting the said company petition (Co. P. 157 of 2005) holding that the defence taken by the appellant (respondent therein) contesting the claim of the respondent-company (petitioner therein) was not bona fide ? Held that:- The defence taken by the appellant-company is bona fide and one of substance and it is likely to succeed in law inasmuch as the respondent-company, having admitted the factum of return of some of the materials by the appellant-company, has not placed oft record any material to prima facie substantiate its case that the value of the said returned materials was deducted by the appellant from out of the amount payable to the respondent under any specific bill prior to the supply of further materials by it to the appellant under the bills mentioned in the company petition. In the result the impugned order is liable to be set aside and the said company petition is liable to be dismissed. Accordingly, this appeal is allowed, the impugned order is hereby set aside, and the said Company Petition No. 157 of 2005 is hereby dismissed.The respondent-company is at liberty to recover the amount claimed in the company petition from the appellant-company by resorting to such legal remedy as may be available to it under law and, in that event, the appellant-company would be at liberty to take all such defences as may be available to it under law. The appellant-company is permitted to withdraw the amount deposited by it in the said company petition
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