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2012 (6) TMI 52 - HIGH COURT OF MADRASWinding up - company unable to pay its debts – non-payment of debt on the ground of oversupply - respondent company admitted that the petitioner supplied various quantities of engineering items, spare parts of heavy equipments and industrial machinery, but denied having placed any orders - stand is also taken that the goods supplied were not utilised by the respondent as they were not as per the requirements of the respondent - petitioner in support of the petition placed reliance on the various invoices showing the despatch of materials, and the letter dated 16.2.2009 addressed to the respondent company wherein the managing director-cum-chairman of the respondent company confirmed the payments due to the petitioner – Held that:- it is proved that the debt owed to the petitioner is admitted and the respondent company is unable to pay the debt. The dispute raised by the respondent company cannot be said to be bona fide dispute, but merely an attempt to deny the admitted liability, on a false plea, which is not supported by any document. On the other hand, documentary evidence on record shows that the liability is admitted liability. Petition allowed. Winding up petition admitted - provisional liquidator appointed.
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