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Issues: Whether the winding up petition could be entertained when the alleged liability arose from running accounts and agreements for sale, the amount claimed was disputed, and the underlying controversy required trial.
Analysis: The petition rested on transactions between the parties concerning land sale agreements, but the account position was disputed. The materials relied on by the petitioner showed different figures for the alleged balance due, and the descriptions of the lands in the ledger and the petition did not match. Questions also arose as to whether the post-dated cheques were only security cheques, whether the statutory notice was received, and whether the land could be conveyed in view of the attachment under the Prevention of Money Laundering Act, 2002. These matters could not be resolved summarily and would require evidence. On the petitioner's own case, the grievance at best disclosed a breach of contract for which an appropriate civil action for damages would lie, rather than a clear winding up debt.
Conclusion: The petition was not maintainable as a winding up action on the facts proved, since no clear debt or commercial insolvency was established and the controversy involved disputed questions of fact.
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