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Issues: Whether a winding-up petition was maintainable on the basis of a foreign judgment and whether the availability of execution proceedings under the Code of Civil Procedure, 1908, barred recourse to the winding-up jurisdiction under the Companies Act, 1956.
Analysis: A foreign judgment may be used as the foundation of a claim, and the remedy of execution under Order 21 of the Code of Civil Procedure, 1908, is distinct from the statutory right to invoke winding-up proceedings on the ground of inability to pay debts. The two remedies operate in different fields. The existence of an alternative remedy for execution does not exclude the company court's jurisdiction to examine a winding-up petition founded on an alleged debt arising from a foreign adjudication. At the notice stage, the court also declined to decide issues that would prejudice the final adjudication on the merits of the defence.
Conclusion: The winding-up petition was held to be maintainable, and the appeal challenging admission of the petition failed.
Final Conclusion: The statutory jurisdiction to seek winding up for inability to pay debts was treated as independent of the execution remedy, and the challenge to maintainability was rejected.
Ratio Decidendi: The availability of execution of a decree does not bar a winding-up petition founded on an alleged debt, because the two proceedings rest on different legal bases.
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