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2013 (2) TMI 226 - BOMBAY HIGH COURTWinding up petition - Appellant seeks balance payment of Rs. 2 crore in respect of sale of his leasehold rights under an agreement - Respondent-company disputed said claim stating that amount of 2 crore had been utilized to settle claims of third parties as agreed in agreement - Held that:- It is found that not only the agreement provides the names of the parties whose claims have to be settled but the respondents have also filed an affidavit with supporting evidence pointing out the persons to whom the payment was made and in support thereof evidence of the reasons for the same. The entire case of the appellant that the documents under which payments were made were fraudulent is a matter which would require investigation/adjudication by way of suit. As the appellant may have a very good case on merits and would possibly be able to establish in an appropriate proceeding that the respondent have acted in a fraudulent manner and defrauded him to Rs. 2 crore. However, in proceedings for winding up the company, the Court cannot adjudicate upon a bona fide disputed debt as it is well settled principle of company law that wherever there is a bona fide disputed debt, the petition for winding up of a company is not appropriate remedy to enforce the debt - appeal dismissed.
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