9911796707
TMI Blog2003 (6) TMI 335X X X X Extracts X X X X X X X X Extracts X X X X ..... es Act against the respondent-company known as Distinct Realty Limited (hereinafter referred to as "Company") seeking for its (Company's) winding up. The winding up is sought essentially or rather only on the ground falling under section 433(e) of the Act contending that company has failed to pay a sum of Rs. 8,42,198 to the petitioner i.e., inability to pay the debt. 2. It is the case of petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to its request and hence, need to file a petition for winding up against the company. 3. Heard Shri G.M. Agrawal, learned counsel for the petitioners on the question of admission. 4. Having heard learned counsel for the petitioner and having perused record of the case, I find no substance in the petition and hence, it must merit in its dismissal. 5. In my considered view filing of a company pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly because the debtor happens to a company in itself is no ground to file and entertain a company petition for its winding up though it is one of the main attributes for its entertaining. The Company Court in its special jurisdiction under the Companies Act cannot hold any factual inquiry on questions which are material for deciding the entitlement of petitioner in claiming back the amount. Indeed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Courts have to be very cautious in their approach while entertaining any winding up petition against any company. No creditor can take advantage of the fact for filing a petition for winding up only because their debtor happens to be a company. Though this is one of the most important factor which enable the creditor to file petition for winding up, but it is equally necessary for the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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