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2012 (11) TMI 875 - HC - Companies LawWinding up petition - Held that:- The statutory notice as well as the prayers prayed for in both petitions indicate that these are the petitions filed for the purpose of recovery of dues as envisaged under Section 433(e). Considering the ratio laid down in Madhusudan Gordhandas & Co. v. Madhu Woollen Industries (P.) Ltd. (1971 (10) TMI 49 - SUPREME COURT OF INDIA ) an order under Section 433(e) is discretionary. There must be a debt due and the company must be unable to pay it. It is further observed that, a debt under this section must be a determined or definite sum of money payable immediately. It is also held that if the debt is disputed and the defence is a substantial one, the court will not pass an order of winding up the company. If the debt is a disputed debt and the defence is substantial one order of winding up should not be passed. It is also note worthy that after the petitions were admitted no other persons have raised any claim and, therefore, this Court finds that the debt being disputed and there exists a bona fide dispute. The present petitions cannot be used as tool for recovery and, therefore, considering the aforesaid facts and circumstances of the case, when the debt itself is disputed the petition for winding up deserve to be dismissed. Hence, the petitions are hereby dismissed.
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