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2013 (11) TMI 241 - HC - Companies LawWinding up - Inability to pay debts - recovery of dues - Held that:- that petitioners have made a feeble attempt to recover the said amount of Rs. 2.5 crores paid by them to M/s. Tilak Nagar Industries contending it to be a distinct transaction which has been held herein above as otherwise - if the defence raised by the respondent company being substantial one and not a mere moonshine and all the contentious issues are required to be finally adjudicated on merits by the Civil court, this Court would not be inclined to exercise the discretionary jurisdiction vested in it for winding up of the respondent company. The debt being disputed by the respondent for the reasons attributable to the petitioners namely, on account of the terms of the contract dated 29.08.2010 not having been adhered to by them - defence set up by the respondent company is a bona fide dispute and as such petitioner would not be entitled to seek winding up of the respondent company under section 433(e) and read with section 439 of the Companies Act - Following decision of IBA Health (India) (P.) Ltd. v. Info Drive Systems SDN. BHD [2010 (9) TMI 229 - SUPREME COURT OF INDIA] - Decided against petitioner.
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