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2016 (7) TMI 342 - HC - Companies LawWinding up petition - non payment of dues - Held that:- In light of the fact that the dispute exists regarding the amount claimed by way of a statutory notice even for winding up, in opinion of this Court, a dispute exists between the parties and therefore, it cannot be said that the respondent has neglected to pay. Considering the statutory notice and the reply given by the respondent-Company and so also, the other correspondence between the parties, it appears that the debt is not an admitted debt and bonafide disputes have been raised by the respondent-Company and therefore, the case would not fall under Section 433(e) or 434 of the Act. It is not even urged by the learned advocate for the petitioner that the respondent-Company is not a going concern and therefore, it cannot be said that the respondent-Company has lost its financial substratum. The jurisdiction under Sections 433 and 434 of the Companies Act, 1956 cannot be permitted to be used as a substitute for deciding the bonafide dispute which can only be done by way of filing an appropriate Civil Suit before the competent Court. The petition is liable to be dismissed in limine and is hereby dismissed.
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