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2010 (1) TMI 568 - HIGH COURT OF PUNJAB AND HARYANAWinding up seeked - Held that:- Not only that the appellant-Company has miserably failed to prove the definite, quantified debt and ascertainable amount but also did not substantiate the fact that the respondent-company is unable to pay the disputed amount. On the other hand, it stands established on record that the claim of the appellant-company is based on speculative consideration and the respondent-Company (M/s. S.A.B. Industries), is running/going and profit earning company having assets in 100 crores. Hence, the contrary arguments of learned counsel for the appellant-company ‘stricto sensu’ deserve to be and are hereby repelled in this context. In this view of the matter, it is held that no case for invoking the discretionary winding up provision against the respondent-company is made out under the present set of circumstances, particularly, when the appellant-company has effective alternative remedies to settle their dispute by way of arbitration or through the civil court.
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