SANJIV KHANNA, J.:

Petitioner-RPG Cables Limited (hereinafter referred to as RPGCL, for short) seeks winding up of the respondent-Logic Easter India Pvt. Limited (hereinafter referred to as the respondent-company, for short) on the ground of inability of the respondent-company to pay debt due under Section 433(e) read with the presumption raised under Section 434(1)(a) of the Companies Act, 1956. The allegation of the petitioner is that the respondent-company has failed to pay the undisputed/ admitted debt inspite of service of statutory notice dated 21st January, 2008 under Section 434(1)(a) of the Act. Clause (c) of Section 434(1) is also evoked by the petitioner.

2. The respondent-Company has defended the present proceedings, inter alia, on the ground that the debt claimed is not debt due but a disputed debt and the present proceedings are nothing but arm-twisting tactics. It is also alleged that the petitioner has not approached the court with clean hands.

3. Both the parties have not disputed that they had entered into an Agreement dated 15th December, 2002 (hereinafter referred to as the Agreement, for short) and that an amount of Rs.4.73 crores was paid by the RPGCL to the

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