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2009 (9) TMI 579 - HIGH COURT OF PUNJAB & HARYANAWinding up petition - Held that:- The respondent-company has placed on record its balance-sheet for the year 2006-07 (annexure R5) which is a clear indicative of its sound financial position. It is a profit yielding company and this Court, therefore, would in larger public interest, be reluctant to proceed with the winding up proceedings which will result into adverse publicity against the respondent-company as an insolvent. Contrary to it, the petitioner-bank can proceed with the recovery suit before a civil court and prove that it has always performed and/or had been willing to perform its part of the contract under the ISDA agreement and breach, if any, has been committed by the respondent-company only. Thus do not find any merit in this winding up petition and dismiss the same, however, with liberty to the petitioner to file a civil suit for recovery, if so advised.
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