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2016 (2) TMI 435 - HC - Companies LawApplication for winding up of the respondent Company-Sumatex Limited - Failure to pay salary - The petitioner requested the Respondent Company to release his salary since February, 2013 by way of numerous e-mails, but to no avail. - whether unpaid salary of an employee would constitute debt. Held that:- Indisputably, the petitioner had resigned from service on 7.8.12. According to the Respondent Company, the resignation tendered by the petitioner was accepted on the same day, but he continued to attend the office of the Company intermittently uptil January, 2013, for completing the pending work and he has been paid the salary upto the month of January, 2013. As per the stand of the Respondent Company, the petitioner deliberately did not file Form 32 and thus, failed to comply with legal and statutory obligation for a period of 4 months and therefore, the Company had no option but to file Form 32 on its own showing the cessation of the petitioner on 6.3.13 and on that account, suffered penalty for late filing. Looking to the dispute sought to be raised by the Respondent Company regarding the petitioner's entitlement for various reason, it cannot be concluded that the liability regarding payment of salary as claimed by the petitioner stands proved/admitted by the Respondent Company and therefore, this Court is not inclined to direct winding up of the Respondent Company in terms of provisions of Section 433(e) of the Act. Merely because a company has suffered loss in a particular financial year, it does not lead to conclusion that the position is irreversible and the financial condition of the company is deteriorated to such an extent that there is no possibility of revival. On the facts and the circumstances of the case, this Court is of the considered opinion that no just and equitable grounds exist for winding up of the company in terms of provisions of Section 433(f) of the Act either. Petition dismissed - Decided against the appellant.
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