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2017 (1) TMI 685 - Karnataka High Court

2017 (1) TMI 685 - Karnataka High Court - TMI - Winding-up petition - non-payment of the 'Professional Fees' - maintainability of petition - Held that:- The agreement between the parties about the providing of 'Professional Services' cannot be said to have a smooth sailing at that point of time also and no final 'admitted liability' crystallized in favour of the petitioner - Firm towards the said amount. - The jurisdiction of winding-up of a Company cannot be exercised against a solvent Comp .....

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erit admission and therefore, with liberty to the petitioner - Firm to avail alternative remedy by way of a Civil Suit, the present winding- up petition is liable to be dismissed. The same is accordingly dismissed. - CO. PETITION NO. 157/2015 - Dated:- 25-11-2016 - DR. VINEET KOTHARI, J. For The Petitioner. : Mr. Sunil P. Prasad, Adv. For The Respondent : S.P. Kulkarni, Adv. ORDER 1. The petitioner - M/s. Praxis Inc. (hereinafter referred to as 'Firm' for short) which entered into a cont .....

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e service of the statutory legal notice under Section 434 of the Companies Act, 1956, vide Annexure J, dated 24/11/2014, claiming a sum of ₹ 99,08,205/- with 18% interest per annum, upon issuance of notice, the Respondent - Company has put in appearance and has filed the Statement of Objections before this Court on 28/07/2016. 3. The Respondent - Company has denied its liability to pay the aforesaid sum of ₹ 99,08,205 and has submitted before the Court that the said petitioner - Firm .....

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r the 'Professional Services' for the Phase-II of the project of the Respondent - Company. 4. Paragraph 7 of the said Statement of Objections is quoted below for ready reference- "7. It is submitted that with respect to the averments made at para-13 of the petition that, out of the aforesaid items agreed under Work Orders the balance amount of ₹ 99,08,205/- remained as outstanding amount as on the date of petition etc., are all erroneous and wrong and also equally false. The s .....

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also urged that in view of the said Statement of Objections filed by them, there is no 'admitted liability' on the part of the Respondent - Company to pay the said claimed amount of ₹ 99,08,205/- and therefore, the present winding-up petition deserves to be dismissed. He also submitted that the Respondent - Company is a 'going-concern' and has regularly paid its taxes under the Income Tax Act, 1961, therefore, the Respondent - Company cannot be said to be commercially inso .....

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