Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2015 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (12) TMI 638 - HC - Companies LawWinding up petition - petitioner has approached this court alleging that the company is indebted to the petitioner a sum of ₹ 4,69,42,986/- on account of outstanding dues payable for services provided by the petitioner for transportation of the company's equipments from one place to another in India - Held that:- Where a company has a bona fide dispute the petitioner cannot be regarded as a creditor of the company for the purposes of winding up. Bona fide dispute implies the existence of a substantial ground for the dispute raised. Where a debt upon which a petition is founded is a hotly contested debt and also doubtful, the company court should not entertain such a petition. This court will go into the causes of refusal of the company before coming to the conclusion whether the dispute is bona fide or not. Thus satisfied that the dispute raised by the company is a bona fide dispute and not some ingenious mask invented to deprive a creditor. And that the defence is not moonshine. The petitioner chose not to disclose the very important fact of dispute between the parties and the arbitration proceedings. The petitioner cannot be allowed to use the threat of winding up petition as a means of enforcing a company to pay a bona fide disputed debt. The petitioner chose to reduce this court as a debt collecting agency or means for bringing improper pressure on the company to pay the bona fide debts thereby abusing the jurisdiction of the company court. In the circumstances, the company petition requires to be dismissed with substantial cost.
|