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2009 (3) TMI 575 - HC - Companies LawWinding up - Circumstances in which a company may be wound up - Held that:- The appellants (the petitioning creditors) have failed to make out the very basic requirement for a company petition to be received. Therefore, the Trial Court, in our opinion, was not required to elaborately examine the merits of the defence. In spite of this legal position, the Trial Court examined the defence and on such examination did not find the defence to be moonshine. We are also of the opinion that the defence put up by the company is not so far fetched as to be discarded as sham, bogus or moonshine. In fact, the Trial Court holds that it falls in the grey area between improbable and impossible. But we are of the opinion that the defence put forward by the company is possible as well as probable. Parties are yet to lead oral as well as documentary evidence. This cannot possibly be evaluated by the Company Court in the summary proceedings. Appeal dismissed.
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