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2013 (2) TMI 196 - HC - Companies LawCreditor’s petition for winding up on just and equitable ground - Held that:- While it may be inappropriate to rule out the application of the just and equitable clause even to a creditor’s winding up petition, there is not enough material that has been placed before court in such regard. The petitioner’s claim is on account of a bill discounting facility accorded to the company under which the company obtained material from a third party seller and the petitioner made immediate payment to the seller against the company’s promise to repay the petitioner with interest at a future date. The company’s case is that the money covered by the dishonoured cheques has been paid to the seller and the petitioner should look to the seller to realise the dues. Though there is substantial basis to the petitioner’s assertion that the company’s alleged payment to the seller may not discharge the company of its obligation to pay the petitioner, the facts are not such as would prompt the company court to admit the petition on the ground that it is just and equitable to wind up the company despite the presumption as to the company’s inability to pay its debts not having been established by the petitioner. Petition fails and it is permanently stayed on the ground that the company’s inability to pay its debts has not been made out and the facts as pleaded do not warrant consideration of the petition for winding up on the just and equitable ground - Writ dismissed.
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