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2009 (11) TMI 508 - HC - Companies LawMaintainability of the Winding up Petition - Held that:- A petition for winding up cannot be maintained upon a claim for damages. Damages become payable only when they are crystallized upon adjudication. Until and unless an adjudication takes place with a resultant decree for damages, there is no debt due and payable. Damages require adjudication. Until then, the liability of a party in alleged breach of a contract does not become crystallized Thus the Company Petition would have to be dismissed on the ground that it is not maintainable, leaving it open to the Petitioner to have recourse to its remedies in accordance with law.
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