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2013 (1) TMI 149 - HC - Companies LawWinding up petition - Recovery of loan - Secured claim – certificate from Debt Recovery Tribunal – Premature proceeding – Held that:- As the Division Bench permitted the Company to raise all admissible pleas however, such liberty given by the Division Bench, in our considered view, cannot override the sound principle of law that order of admission upon a contested hearing would amount to finality on the claim of the petitioning creditor, binding the Company. A claim against a company that could not be resisted by the Company through a bona fide approach having plausible reasons to defend the same would automatically attract the fiction of deemed insolvency that would maintain a winding up proceeding against the debtor company through a creditor As concluding from the facts of the case the Company availed all legal opportunities that they were entitled to in law, to resist the claim. They failed at all stages as noted above. The amount became due and payable by the Company that the Company neglected to pay. An order of winding up as the Company as on that date was insolvent being unable to pay its debts. Its existence would cause threat to the commercial world. In favour of respondent
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