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2011 (3) TMI 1468 - HC - Companies LawWinding up - Circumstances in which a company may be wound up - Petitioner - company had purchased aluminium products from respondent - respondent informed petitioner that it had adjusted an amount of Rs. 3,38,16,720 from the sum of Rs. 3,52,26,499 lying in its credit, as the amount of Rs. 3,38,16,720 was due to the respondent from petitioner’s sister company - Petitioner objected to said adjustment and filed winding up petition against respondent stating that petitioner-company – Held that:- jurisdiction of company court is summary in nature and issues of conduct of parties could not be examined in instant case as they involved disputed questions of fact - whether the Defendant was entitled to adjust the said amount, will have to be framed and decided after evidence of the parties is adduced and arguments advanced. defence raised by the respondent-company is bona fide as well as a substantial one and it is neither dishonest nor moonshine. petition is dismissed
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