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2013 (4) TMI 565 - HC - Companies LawWindng up – Circumstances in which company may wound up - Held that – After interpretating the clauses as mentioned in the STSA and based on the judgment passed by Hon'ble Supreme Court in IBA Health (India) (P.) Ltd. v. Info-Drive Systems Sdn. BHD [2009 (10) TMI 533 - HIGH COURT OF KARNATAKA] held that a company petition cannot be pursued in respect of a contingent debt unless the contingency has happened and it has become actually due. The judgment of the Hon'ble Supreme Court is directly applicable to the case on hand. In the present case also, the contingencies of arriving at the figure after setting off the accumulated losses and after arriving at the future profits, etc is yet to ascertained. Hence, on this ground also petition is liable to be dismissed.
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