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2011 (2) TMI 1266 - HC - Companies LawWinding up – deemed inability of the appellant-company to pay its debts - it is an assignee of the State Bank of India who had granted various loans to the appellant - appellant was in arrears of more than Rs. 2.66 crores - State Bank of India filed application for recovery before the Debts Recovery Tribunal on 5-2-2001, which was still pending - Held that:- company petition was maintainable, as issue therein was not of recovery but of inability of company to pay its debts and its liability for being wound up. there is no bar to proceedings for winding up being initiated merely on account of pendency of proceedings before DRT and, therefore, order of Single Judge was to be upheld
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