Winding up petition disposal through court deposit, partial withdrawal, and relegation of the balance to civil proceedings.

In a winding up petition, the HC directed the respondent to deposit Rs. 5 lakhs in Court within two months and allowed the petitioner to withdraw Rs. 4 lakhs. The balance claim was left to be dealt with by the civil court, and the winding up petition was to stand disposed of upon the deposit. The arrangement reflects a disposal framework that channels the residual dispute into civil proceedings rather than continuing the winding up process.

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Issues: Whether the winding up petition should be admitted or disposed of by directing the respondent to deposit a specified sum and permitting the petitioner to pursue recovery by civil suit.

Outcome: The respondent was directed to deposit Rs. 5 lakhs in Court within two months, the petitioner was permitted to withdraw Rs. 4 lakhs, the balance was left to be governed by the civil court, and the petition would stand disposed of on deposit.

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