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2009 (6) TMI 584 - HIGH COURT OF CALCUTTAWinding-up - petition to the extent US $95,659.54 equivalent to ₹ 45,10,347.30 paise with interest at the rate of 9 per cent per annum from the date of winding up notice until payment is made - Held that:- There is substance in the submissions of Mr. Mitra that the entire edifice upon which the company petition is sought to be founded is missing. The defence put forward by the company, in our opinion, does not fall within the realm of a sham or a bogus defence. It certainly cannot be defined as moonshine. Such a defence, therefore, cannot be ignored. Such being the position we are unable to hold that, there is a clear debt due and that the company is unable to pay the same. The principles to be followed by the company Court in examining the petition for winding up are well known and have been reiterated by the Supreme Court on numerous occasions. The debt under section 433 of the Companies Act must be a determined or a definite sum of money payable immediately or at a future date. We are informed that the financial position of the appellant is sound. Appeal allowed.
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