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2016 (6) TMI 538 - HC - Companies LawWinding up petition petition - non existence of bonafide disputed debt - Held that:- Considering the the record of the petition, including the statutory notice and the reply given to the earlier notice by the respondent Company, affidavits, counteraffidavits it appears that the debt is not an admitted debt and bonafide disputes are raised by the respondent Company and on the basis of the aforesaid, it cannot be said that nonpayment of bonafide disputed debt would amount to “neglect to pay” so as to make liable under sections 433 and 434(1)(a) of the Act and thus, the present case would not fall under sections 433 and 434 of the Act eligible for winding up. It further transpires from the record of the petition that the respondent Company is a going concern and it cannot be said that the respondent Company has lost its financial substratum.
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