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2015 (3) TMI 23 - HC - Companies LawAdmissibility of Winding up application - Factoring of receivables - Denial of liability by borrower company - Held that:- In the instant case, it an admitted position that the appellant had issued the first cheque of ₹ 4,00,06,655.52/- in favour of the respondent and on February 19, 2010 substituted the said cheque by issuing a fresh cheque of ₹ 4,00,06,655.52/- and the said cheque remained unpaid. Thus, the onus was on the appellant company to prove that it had no liability to pay the said sum of ₹ 4,00,06,655.52/- to the respondent which the appellant company has failed to discharge. In the instant case, we find the defence put up by the appellant lacks bona fide and good faith. Thus, we find no merit in the appeal being APO 302 of 2014 and the same stands rejected. Interim orders, if any also stands vacated. - Decided against the appellant. Admissibility of winding up application at lesser value - Held that:- The learned Single Judge admitted the application for ₹ 3,00,06,655/-, as from the documents disclosed it appears that the appellant in this appeal accepted the said two demand drafts for ₹ 75 lac and ₹ 25 Lac against six of the said twenty nine invoices . According to Mr. Vinayak the respondent in this appeal had issued the said two post dated cheques of ₹ 4,00,06,655.52/- and ₹ 1,00,000,536 in acknowledgement of their dues to the appellant in this appeal for factoring said twenty nine and other invoices. However, when the respondent forwarded the said demand drafts of ₹ 75 lacs and ₹ 25 lacs respectively, there was no mention about any specific invoice. Thus, he contended, it was within the right of the appellant in this case to appropriate the said sum of ₹ 1 crore said by the said in respect of some of the said twenty nine bills. Thus, once the respondent had issued the said two post dated cheques for a total sum of ₹ 5,00,07,191/-, even after giving credit to the payment of the said sum of ₹ 1 crore, a sum of ₹ 4,00,06,655.52/- still remains due and payable by the respondent to the appellant. We find merit in such contention made on behalf of the appellant in this appeal. - Decided in favour of appellant.
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