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2020 (2) TMI 295 - HC - Companies LawWinding up of company - inability to pay the admitted debts - HELD THAT:- The law regarding scope and ambit of the Company Court whhile exercising jurisdiction under Section 433(e)(f), 434 and 439 of the Companies Act has been summed up by the Hon’ble Supreme Court of India in the case of IBA HEALTH (I) (P.) LTD. VERSUS INFO-DRIVE SYSTEMS SDN. BHD. [2010 (9) TMI 229 - SUPREME COURT], wherein it has been held that where there is a substantial dispute as to the liability and obligation, petition for winding up should not be entertained. It was observed that, a dispute to be substantial and genuine, has to be bona fide and not spurious. The issue raised in this petition pertains to the liability of the respondent company and not the inter se liability of the two groups over their right on the shares of the respondent company. The respondent company is a legal entity and an existing company within the meaning of Companies Act, 1956. The claim in this petition is against the respondent company and not the DCBL group or the BW group, as the case could be - the respondent company cannot deny its liability to pay the dues of the petitioner firm by seeking refuge under clause 14.15.1 of the agreement dated 16/01/2012. Having regard to the peculiar facts and circumstances of the case, more particularly the fact that there is an ongoing dispute between the DCBL and the BW Group pertaining to the implementation of share holders agreement, the respondent company is granted 60 (sixty) days’ time, with effect from the date of this order, to discharge its admitted debt by paying the amount of ₹ 1,77,03,540.68 to the writ petitioner - It is made clear that in the event of failure on the part of the respondent company to make full and final payment of ₹ 1,77,03,540.68 to the writ petitioner within the time frame provided by this Court, necessary order as per law shall be issued for advertising the petition. Let this petition be listed again, after 60(sixty) days, for necessary orders.
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