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2012 (4) TMI 302 - KARNATAKA HIGH COURTPetition filed by Director of Partnership Firm - the Company amended its MOA - the Company has only two Promoters/Directors - one Director who is also a Partner of the Firm requested the Firm to advance monetary aid in financial crises – firm advanced the sum for six years through account payee cheques – Firm issued a statutory notice of demand - The Firm produced a copy of the Balance Sheet of the Company for the year 2009-10 filed before the ROC reflecting the dues payable to the Firm - Petition filed by the Firm under the aforesaid provisions for winding up. - The Company contends that the Firm has been dissolved much earlier to the filing of the petition and it has no locus standi to maintain a petition for winding up –the company contented that it has never admitted the alleged debt and has denied the debt in its reply notice to the petitioner - Held that: - There is no explanation by the Company as to why it did not adopt the mode of serving the notice by registered post or through a lawyer - The production of the copy of the notice and the certificate of posting, after about four months of the order date would make it clear that the claim of the Company is mala fide and unbelieveable -it is to be held that the dues payable to the Firm is a crystallized form of debt and there is no impediment for this Court to pass appropriate orders for payment of this debt to the Firm - The amount of Rs. 24,75,128/- deposited in this Court be transferred to m the arbitration proceedings pending between the parties
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