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2015 (3) TMI 414 - KARNATAKA HIGH COURTDefault in payment of dues - Amount admitted as due and payable - Winding up petition by other party - Debt recovery tribunal (DRT) order not to pay till proceedings over - Held that:- In this regard, the very minutes of the meeting referred to by the learned counsel for the petitioner, on a close perusal would indicate that though the said amount of ₹ 34,83,215/- was admitted as the net amount due and payable by the respondent to the petitioner, in the very meeting it is recorded that the respondents herein will be in a position to release the payment to the petitioner on getting 'no objection certificate' from the Bank of Maharashtra which would be relevant for the purpose of the settlement of claim between the petitioner and the respondent. Therefore, if this aspect is kept in view and the fact that the Bank of Maharashtra has initiated proceedings against both the petitioner and the respondent before the DRT in O.A. No. 157/2010 and in the said proceedings, the Bank of Maharashtra has obtained an order of restraint against the respondent herein against paying the amount to the petitioner would disclose that the defence as put forth by the respondents herein is a bona fide one and it cannot be considered that the respondent-company are unable to pay their debts. On the other hand, they have been prevented in law against paying the said amount to the petitioner. Therefore, the prayer as made in the petition to wind up the respondent-company would not be maintainable in the instant petition. - Application of winding up rejected.
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