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IN THE HIGH COURT OF JUDICATURE AT ALLAHABAD
Hon'ble Pankaj Bhatia,J.
Zaitek Polyblends Pvt. Ltd. – Appellant
Versus
Durga Bansal Fertilizer Ltd. – Respondent
| Table of Content |
|---|
| 1. petitioner seeks winding up of respondent company for unpaid debts. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16) |
| 2. respondent disputes allegations and claims of petitioner. (Para 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39) |
| 3. court analyzes claims, defenses, and legal implications. (Para 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51 , 52 , 53 , 54 , 55 , 56 , 57 , 58) |
| 4. winding up petition dismissed; respondent to settle dues. (Para 59) |
JUDGMENT :
Pankaj Bhatia, J.
1. Heard Mrs. Shraddha Agarwal, learned counsel assisted by Shri Shobhit Mohan Shukla and Ms. Gursimran Kaur, learned counsel for the petitioner; Shri. N.K. Seth, learned Senior Advocate, assisted by Shri Pritish Kumar, Shri Tushar Hirwani, Shri Amal Rastogi, learned counsel for the Respondent No.1; Shri R.K. Verma, learned counsel for the Respondent No.2 and Shri Anurag Verma, learned counsel for Official Liquidator.
2. Present petition has been filed under Section 439 (1)(b), Section 433 (e) & (f) and Section 434 (1)(a) of the Companies Act as well as under Section 20(1) of The Sick Industria
A company cannot be wound up for non-payment of disputed debts; readiness to settle admitted liabilities negates grounds for winding up.
Winding-up of a company can proceed based on admitted debts; mere disputes of amount do not suffice to prevent orders under Section 433(e) of the Companies Act.
A winding up petition cannot proceed if the statutory notice is not validly issued to the company as required by Section 434 of the Companies Act, 1956.
Winding up petitions require justifiable grounds; availability of alternative remedies can lead to dismissal.
Transactions executed after the commencement of winding-up proceedings are void under Section 536(2) of the Companies Act unless validated by the court, reinforcing the need for evidence that such tr....
Executors can proceed with litigation after a transfer of rights pendente lite when original parties fail to contest decrees, and mere allegations of fraud do not invalidate judicial decisions.
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