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<h1>Petition to Wind Up Company Rejected, Matter Referred to Civil Court</h1> The petition for winding up the 1st respondent-company was rejected by the HC of Karnataka. The court held that the company had a valid defense and ... Cost and expenses payable out of assets in a winding-up by Court The petition for winding up the 1st respondent-company was rejected by the High Court of Karnataka. The court found that the company had a valid defense against the petitioner's claim, and the matter should be pursued in a civil court instead. The petitioner was granted liberty to recover the sums in a civil suit, with no order as to costs.