M.S. SONAK, J.

1. Heard learned counsel for the parties at length. With their consent and at their request, we proceed to dispose of this Appeal finally.

2. The appellant (company) appeals the order dated 28 June 2016 made by the Company Judge admitting the petition for winding up of the company and ordering the advertisement thereof in accordance with the provisions of the Companies Act, 1956 (said Act) and the Companies (Court) Rules 1959 (said Rules).

3. There is no dispute that the company is indebted to the respondent (petitioning creditor) in an amount of at least Rs.90.90 crores. The company however contends that as against such undisputed dues, the company has a claim against the petitioning creditor in an amount of Rs.152.57 crores by way of damages on account of certain acts of omission and commission on the part of the petitioning creditor. The company contends that even before the receipt of statutory notice under section 434 of the said Act, the company had instituted Suit (L) No. 939 of 2013, claiming the said amount of Rs.152.57 crores. This according to the company constitutes a defence which is bona fide and one of substance, both in law as well as in facts.