TMI Blog2004 (9) TMI 392X X X X Extracts X X X X X X X X Extracts X X X X ..... or passing a winding up order in respect of the respondent company on the premise that the company is unable to pay its admitted debts, which, according to the petitioner, includes arrears of salary to the tune of Rs. 85,613, a sum of Rs. 75,000 payable in lieu of three months notice period, and interest on those amounts. 2. Notice was issued to the respondent company. Respondent company has e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent company, it cannot be said that the disputes are really such bona fide serious dispute that renders the petition liable for dismissal. One main contention urged by the learned counsel for the respondent company is that the petition itself is not maintainable, as the arrears of salary payable to the employee does not amount to a debt within the meaning of this expression under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agananda, learned Senior Counsel appearing for the petitioner, has drawn the attention of this court to the provisions of section 529A of the Act, wherein it is categorically indicated that dues to the workman like wages and salary etc., which are not settled becomes debt due to the workman by the company and in fact such amounts are treated on par with other debts due to the secured creditors. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs are stalled for two weeks, so that if the respondent company can settle the claim of the petitioner in an amicable manner, it may be so resolved, rather than proceeding with this company petition before this court. It is open to the respondent company to report to this court payment of, if not entire amount, at least the arrears of salary amounting to Rs. 75,000 within next two weeks. Call af ..... X X X X Extracts X X X X X X X X Extracts X X X X
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